The Illinois state Senate passed a bill in the beginning of 2023 that created a $1.50/gallon excise tax credit for sustainable aviation fuel or SAF.
The Senate Bill 2951 enabling the tax credit is already in force, however, the term of the incentive itself will start in June 2023 and will run for ten years, until July 1, 2033.
This news from Illinois marks a major milestone for sustainable aviation fuel, as a tax credit like this will help airlines decarbonize their operations at a faster rate.
The incentive is also indicative of the fact that SAF’s value as a means of lowering emissions and mitigating the climate crisis is being recognized at a government level.
Read more: Honeywell Is Starting To Make Sustainable Aviation Fuel From Ethanol
