GREAT FALLS, Mont., Dec. 12, 2024 /PRNewswire/ -- Montana Renewables, LLC announced today that it has received approval of its Excise Tax Registration from the Internal Revenue Service. Registration is the first step toward allowing the business to claim clean fuel Production Tax Credits (PTC) for existing production under Internal Revenue Code Section 45Z. Montana Renewables, LLC, which operates a U.S. qualified production facility, is registered as both a producer of clean transportation fuel and sustainable aviation fuel (SAF). The Section 45Z PTC provides a transferrable federal income tax credit for clean fuels produced after December 31, 2024, and before January 1, 2028. The Section 45Z PTC replaces the previous Blenders Tax Credit. Montana Renewables is an unrestricted subsidiary of Calumet (NASDAQ:CLMT).
"This procedural change from the old Blenders Tax Credit to the new Producers Tax Credit extends a long history of bipartisan support for domestic agriculture and creates incentives for Montana cash crops including camelina" said Bruce Fleming, CEO. "While MRL is feedstock agnostic, on behalf of growers we express the hope that the upcoming PTC detailed regulations will prove superior to the BTC it replaces."
About Calumet
Calumet, Inc. (NASDAQ:CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.
About Montana Renewables
Montana Renewables (MRL) is a leading renewable fuel company located in Great Falls, Montana. We produce Sustainable Aviation Fuel (SAF), Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha. As the largest SAF producer in North America (2024), we are dedicated to meeting the increasing demand for sustainable fuels and to supporting a greener future. As a Great Falls business leader, MRL offers high-paying jobs and career opportunities while supporting the local economy and contributing to the community's overall well-being. Pacific Northwest farm and ranch operations ultimately provide MRL with sustainable, renewable, low-carbon feedstocks and agricultural byproducts including tallow, distillers corn oil, canola oil, used cooking oil and camelina oil. These are converted to renewable transportation fuels which have lower emissions compared to conventional fossil fuels. MRL is an unrestricted subsidiary of Calumet, Inc.
About SAF
Sustainable Aviation Fuel (SAF) is a combination of synthetic paraffinic kerosene (SPK) and conventional jet fuel which meets ASTM D7566 and ASTM D1655 specifications. Designed to reduce the aviation industry's carbon footprint, SAF is drop-in compatible with existing aviation fueling infrastructure and aircraft engine technology.
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SOURCE Calumet, Inc.