[Federal Register Volume 63, Number 62 (Wednesday, April 1, 1998)]
[Notices]
[Pages 15916-15917]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-8555]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Publication of Inflation Adjustment Factor, and Reference Price 
for Calendar Year 1997

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor, nonconventional 
source fuel credit, and reference price for calendar year 1997 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 1997 inflation adjustment factor, nonconventional source 
fuel

[[Page 15917]]

credit, and reference price apply to qualified fuels sold during 
calendar year 1997.

INFLATION FACTOR: The inflation adjustment factor for calendar year 
1997 is 2.0331.

CREDIT: The nonconventional source fuel credit for calendar year 1997 
is $6.10 per barrel-of-oil equivalent of qualified fuels.

PRICE: The reference price for calendar year 1997 is $17.24. 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 
1997.

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).
Judith C. Dunn,
Associate Chief Counsel (Domestic).
[FR Doc. 98-8555 Filed 3-31-98; 8:45 am]
BILLING CODE 4830-01-U