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.
