News & Analysis as of

U.S. Treasury Aviation Industry

Holland & Knight LLP

Eyes on Energy Tax Update: Second Quarter 2024

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Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more

King & Spalding

Treasury and IRS Issue Additional Guidance on Section 40B Sustainable Aviation Fuel Tax Credit

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Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides tax credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer...more

Holland & Knight LLP

Guidance, Model Provide Additional Clarity for 40B Sustainable Aviation Fuel Tax Credit

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The U.S. Department of the Treasury and IRS released Notice 2024-37 on April 30, 2024, regarding the Sustainable Aviation Fuel (SAF) Tax Credit found at Section 40B of the Internal Revenue Code as an income tax credit and...more

Brownstein Hyatt Farber Schreck

Sustainable Aviation Fuel Hits the Runway with Farm-to-Fly Bills

On Jan. 22, Sens. Jerry Moran (R-KS), Amy Klobuchar (D-MN), Joni Ernst (R-IA), Tammy Duckworth (D-IL) and Chuck Grassley (R-IA) introduced the Farm to Fly Act (S.3637) in the Senate. The purpose of the bill is to enable...more

Holland & Knight LLP

Eyes on Energy Tax Update: Fourth Quarter 2023

Holland & Knight LLP on

Eyes on Energy Tax Update is a quarterly publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more

King & Spalding

IRS and Treasury Issue Guidance on Section 40B Sustainable Aviation Fuel Credit

King & Spalding on

Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer before...more

Holland & Knight LLP

IRS, Treasury Department Release New Section 40B Sustainable Aviation Fuel Credit Guidance

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The IRS and U.S. Department of the Treasury released on Dec. 15, 2023, Notice 2024-06 regarding Section 40B of the Internal Revenue Code. Effective for fuel mixtures sold or used after Dec. 31, 2022, and before Jan. 1, 2025,...more

King & Spalding

The Airline Industry and the CARES Act: What Secured Lenders Need to Know

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Since its enactment, aviation related companies have received well over $50 billion in grants and loans under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) that was passed in March 2020. But how do...more

Pillsbury Winthrop Shaw Pittman LLP

New $500 Billion Treasury Loan Programs Under the CARES Act Provide COVID-19 Relief for Private Sector Business

The CARES Act appropriates $500 billion in U.S. Department of Treasury loans and loan guarantees for mid-sized and large businesses, states and municipalities, in addition to the $350 billion it appropriates for small...more

Holland & Knight LLP

COVID-19 Upends the Air Transport Market: Overview of Aviation Provisions in the CARES Act and Other Federal Responses

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The COVID-19 pandemic has had a vast and severe impact on the U.S. economy, and the U.S. air transportation industry has been brought almost to a standstill. While the executive branch moved quickly to address immediate...more

Foley & Lardner LLP

CARES Act – Aviation Industry Loan and Grants

Foley & Lardner LLP on

The new CARES Act provides Treasury with the authority to make loans, guarantees and other investments, and provide grants for payroll assistance to the aviation industry. On March 30, 2020, the Treasury released guidelines...more

K&L Gates LLP

COVID-19: UPDATED The Promise of the “CARES Act” on the Airline Industry

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The novel coronavirus (“COVID-19”) has devastated air travel demand, forcing thousands of cancellations. U.S. airlines have been slashing their schedules, waiving change/cancellation fees, and sanitizing aircrafts as...more

Katten Muchin Rosenman LLP

COVID-19 Update: US Treasury Department Proposes $50 Billion Airline Loan Program

The US Treasury Department has proposed a $50 billion secured loan facility to assist the US airline industry during the coronavirus disease 2019 (COVID-19) outbreak. Under the proposal, loan proceeds would be made available...more

Katten Muchin Rosenman LLP

COVID-19: US Airlines Seek $58 Billion in Government Aid Amidst Global Turmoil

The novel coronavirus (COVID-19) pandemic has wreaked havoc on the global aviation industry. Fueled by numerous travel bans and closed borders, international and domestic airlines have seen a drastic plunge in demand for air...more

Brownstein Hyatt Farber Schreck

Treasury Department Releases Key Terms for Phase Three Stimulus

The Treasury Department released a document outlining the key terms of its negotiations on the upcoming third phase of the congressional economic stimulus package. Below are the terms as outlined by the department...more

Holland & Hart LLP

OFAC: Sanctions Compliance Provisions in Lease Agreements Alone May Be Insufficient

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On November 7, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced in an Enforcement Information that Apollo Aviation Group, LLC (Apollo), a Florida-based commercial aviation...more

Holland & Knight LLP

Blockchain Uses in Transportation

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Blockchain technology is most well-known for its use with cryptocurrencies, however, it has wider potential applications in other sectors beyond that of banking and financial services. It is being evaluated for uses in the...more

Baker Donelson

New License Authorizing U.S. Aircraft to Make Temporary Sojourns to Iran Marks Further Lifting of Secondary Sanctions

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Further weakening secondary sanctions, the Department of Treasury’s Office of Foreign Assets Control has issued a new license to allow non-U.S. persons to fly some U.S. aircraft to Iran for temporary sojourn. While General...more

Cozen O'Connor

U.S. Departments of the Treasury and Commerce Announce Additional Revisions to Cuba Sanctions Regulations

Cozen O'Connor on

Last week, the Department of the Treasury and the Department of Commerce announced additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building off the changes put...more

Baker Donelson

You Want to Export to Cuba? Get Ready, But You Probably Can’t Quite Yet.

Baker Donelson on

New rules came out on September 21, 2015 from both the Commerce and Treasury Departments. Although for the most part these changes only slightly broaden or clarify pre-existing exceptions to the embargo against Cuba, they...more

Baker Donelson

Is Iran Open for Business for U.S. Exporters?

Baker Donelson on

On August 7, 2015, the U.S. Government issued a revised Guidance regarding Iran and also issued a Third Amended Statement of Licensing Policy on Activities Related to the Safety of Iran’s Civil Aviation Industry. The bottom...more

K&L Gates LLP

Ferry Service Between The United States And Cuba—Imminent Or Not?

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Recent decisions by the Office of Foreign Assets Control (OFAC) of the Department of Treasury have increased the prospects for regular air and vessel service to and from Cuba. Those decisions do not open the floodgates for...more

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