[Federal Register Volume 62, Number 65 (Friday, April 4, 1997)]
[Notices]
[Pages 16216-16217]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8696]


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DEPARTMENT OF THE TREASURY

Nonconventional Source Fuel Credit; Publication of Inflation 
Adjustment Factor, Nonconventional Source Fuel Credit, and Reference 
Price for Calendar Year 1996

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor, nonconventional 
source fuel credit, and reference price for calendar year 1996 as 
required by section 29 of the Internal Revenue Code (26 U.S.C. section 
29).

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SUMMARY: The inflation adjustment factor, nonconventional source fuel 
credit, and reference price are used in determining the tax credit 
allowable on the production of fuel from nonconventional sources under 
section 29.

DATES: The 1996 inflation adjustment factor, nonconventional source 
fuel credit, and reference price apply to qualified fuels sold during 
calendar year 1996.
    Inflation Factor: The inflation adjustment factor for calendar year 
1996 is 1.9837.
    Credit: The nonconventional source fuel credit for calendar year 
1996 is $5.95 per barrel-of-oil equivalent of qualified fuels.
    Price: The reference price for calendar year 1996 is $18.46. 
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 fuel sold in calendar 
year 1996.

[[Page 16217]]

FOR FURTHER INFORMATION CONTACT:

    For the inflation factor and credit--Thomas Thompson, CP:R:R:AR:E, 
Internal Revenue Service, 1111 Constitution Ave., NW., Washington, DC 
20224, Telephone Number (202) 874-0585 (not a toll-free number).
    For the reference price--David McMunn, CC:DOM:P&SI:6, Internal 
Revenue Service, 1111 Constitution Ave., NW., Washington, DC 20224, 
Telephone Number (202) 622-3110 (not a toll-free number).
Daniel J. Wiles,
Acting Associate Chief Counsel (Domestic).
[FR Doc. 97-8696 Filed 4-3-97; 8:45 am]
BILLING CODE 4830-01-U