WA bill would provide tax credits to producers of green jet fuel
Washington lawmakers considered measures this week to support the production of sustainable aviation fuels in the state, as demand from airline customers far exceeds the limited supply.
The fuels are generating interest from both conventional oil and gas producers and startup companies that see opportunity in Washington’s existing raw materials, infrastructure and low cost of energy. But investors have been waiting on lawmakers to establish permitting rules and favorable tax rates to compete with states like California.
“We need to incentivize energy companies and startups to want to innovate in this space and we need to give them the right financial incentives so that their business case makes sense to investors,” Ryan Faucett, director of environmental sustainability for The Boeing Co., told the Business Journal.
Among other provisions, Senate Bill 5447 would establish tax credits for the manufacture and sale of the fuels from facilities that meet minimum size criteria. It also convenes a working group composed of representatives from industry, regulators and academia to advance the sector in Washington. A similar bill is being considered by the state House of Representatives. Both are in committee and have yet to receive a floor vote.
https://www.bizjournals.com/seattle/news/2023/02/09/washington-lawmakers-saf-tax-credits.html