Biodiesel producer FutureFuel receives approval of 45Z registration from IRS
- FutureFuel Corp.
- Jan 7, 2025
- 1 min read
Biodiesel and chemical manufacturer FutureFuel Corp. announced Jan. 3 that it has received excise-tax registration approval from the Internal Revenue Service.
This registration is the first requirement to be eligible to claim the Internal Revenue Code 45Z credit, also known as the clean fuel production tax credit.
The tax credit was first approved in August 2022, to be effective beginning Jan. 1, 2025.
Like other renewable fuel producers, FutureFuel said it is awaiting full guidance from the IRS regarding the tax credit.
FutureFuel has the capacity to produce up to 60 million gallons of biodiesel annually from its manufacturing facility in Batesville, Arkansas.
The company is a leading manufacturer of diversified chemical products, specialty chemical products and biofuel products.
In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers (custom chemicals), as well as multicustomer specialty chemicals (performance chemicals).
FutureFuel’s custom-chemicals product portfolio includes proprietary intermediates for major chemical companies and chlorinated polyolefin adhesion promoters and antioxidant precursors for a major chemical company.
The company’s performance-chemicals product portfolio includes polymer (nylon) modifiers and several small-volume specialty chemicals for diverse applications.
FutureFuel’s biofuels segment primarily produces and sells biodiesel.
It also refines glycerin, a byproduct of biodiesel production, and sells it under the FutureSol® brand.
