70 FR 65 pg. 17513 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2004
Type: NOTICEVolume: 70Number: 65Page: 17513
FR document: [FR Doc. 05-6838 Filed 4-5-05; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2004
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice.
SUMMARY:
Publication of the inflation adjustment factor, nonconventional source fuel credit, and reference price for calendar year 2004 as required by section 29 of the Internal Revenue Code (26 U.S.C. section 29). The inflation adjustment factor, nonconventional source fuel credit, and reference price are used in determining the tax credit allowable on the sale of fuel from nonconventional sources under section 29 during calendar year 2004.
DATES:
The 2004 inflation adjustment factor, nonconventional source fuel credit, and reference price apply to qualified fuels sold during calendar year 2004.
Inflation Adjustment Factor: The inflation adjustment factor for calendar year 2004 is 2.1853.
Credit: The nonconventional source fuel credit for calendar year 2004 is $6.56 per barrel-of-oil equivalent of qualified fuels.
Reference Price: The reference price for calendar year 2004 is $36.75. Because this reference price does not exceed $23.50 multiplied by the inflation adjustment factor, the phaseout of credit provided for in section 29(b)(1) does not occur for any qualified fuels sold during calendar year 2004.
FOR FURTHER INFORMATION CONTACT:
For questions about how the inflation adjustment factor is calculated-Wu-Lang Lee, RAS:R:TSBR, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 20224, Telephone Number (202) 874-0585 (not a toll-free number).
For all other questions about the credit or the reference price-Kelly Morrison-Lee, CC:PSI:7, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 20224, Telephone Number (202) 622-3120 (not a toll-free number).
Dated: March 31, 2005.
Heather C. Maloy,
Associate Chief Counsel (Passthroughs and Special Industries).
[FR Doc. 05-6838 Filed 4-5-05; 8:45 am]
BILLING CODE 4830-01-P