The U.S. Department of the Treasury does not expect to finalize regulations for the Section 45Z Clean Fuel Production Credit until November, according to the Trump administration's 2026 Unified Agenda of Federal Regulatory and Deregulatory Actions, released July 3 by the White House Office of Management and Budget. The agenda lists regulatory actions federal agencies expect to complete in the coming months, and the November date is one of the clearest signals yet of Treasury's actual timetable for finishing 45Z guidance, which producers of sustainable aviation fuel (SAF), renewable diesel, ethanol, renewable natural gas (RNG), and other low-carbon fuels have been waiting on for months.
The Delay Extends a Process Already Well Underway
Treasury and the Internal Revenue Service issued proposed 45Z regulations in February, then took public comments through early April and held a public hearing in late May. The final rule is expected to settle questions around eligibility, how lifecycle greenhouse gas emissions get calculated, and documentation requirements, all of which directly shape project economics for renewable fuel developers. Many projects are continuing to move forward in the meantime, but investors and developers in this sector have already been navigating a volatile policy landscape, and some financing and production decisions tied directly to the credit's value are still on hold until the rule is final.
Two Other Rules Worth Watching This Month
The same regulatory agenda points to a couple of other actions that could shape the clean fuels market before 45Z is settled. The U.S. Department of Agriculture (USDA) expects to issue a final rule in July updating its Biorefinery, Renewable Chemical and Biobased Product Manufacturing Assistance Loan Program, which guarantees loans of up to $250 million for qualifying projects; USDA describes the changes as intended to clarify and improve how the program is administered. Separately, the U.S. Environmental Protection Agency expects to take final action this month on its reconsideration of the Greenhouse Gas Reporting Program, a 2025 proposal that would eliminate reporting requirements for many facilities and fuel suppliers. That program also happens to supply emissions data used to establish eligibility for the Section 45Q carbon capture tax credit, so its future matters beyond routine emissions disclosure.
One Notable Gap in the Agenda
The agenda is silent on the EPA's next step for setting Renewable Fuel Standard volume requirements for 2028. Federal law generally requires those obligations to be finalized at least 14 months before the compliance year begins, and with no timeline listed, it is unclear when that rule is coming. States have already started filling similar federal policy gaps on their own, and a prolonged silence on 2028 volumes could push more of that responsibility onto state programs by default rather than by design.
Taken together, the agenda suggests the second half of 2026 will be a consequential stretch for clean fuel policy, even with Treasury's November target now on the calendar. Companies in adjacent parts of the renewable fuels market have been managing similar federal uncertainty for months, and most will keep making investment and operating decisions in the meantime rather than wait on a rule still four months out.
