[Federal Register Volume 65, Number 68 (Friday, April 7, 2000)]
[Notices]
[Pages 18429-18430]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-8640]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Publication of Inflation Adjustment Factor, Nonconventional 
Source Fuel Credit, and Reference Price for Calendar Year 1999

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor, nonconventional 
source fuel credit, and reference price for calendar year 1999 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 1999 inflation adjustment factor, nonconventional source 
fuel credit, and reference price apply to qualified fuels sold during 
calendar year 1999.

INFLATION FACTOR: The inflation factor is calculated using GNP Implicit 
Price Deflators as computed and published by the Department of 
Commerce. The inflation factor for 1999, which is smaller than the 
factor published for 1998, reflects a comprehensive revision in 1999 of 
the national income and product accounts by the Department of Commerce. 
The inflation factor for calendar year 1999 is 2.0013.

CREDIT: The nonconventional source fuel credit for calendar year 1999 
is $6.00 per barrel-of-oil equivalent of qualified fuels.

PRICE: The reference price for calendar year 1999 is $15.56. Because 
this reference price does not exceed $23.50

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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 1999.

FOR FURTHER INFORMATION CONTACT:
    For the inflation factor and credit--

    Thomas Thompson, OP:RS:R:E, Internal Revenue Service, 1111 
Constitution Avenue, NW., Washington, DC 20224, Telephone Number (202) 
874-0585 (not a toll-free number).

    For the reference price--

    Alan Cooper or David McMunn, CC:DOM:P&SI:6, Internal Revenue 
Service, 1111 Constitution Avenue, NW., Washington, DC 20224, Telephone 
Number (202) 622-3110 (not a toll-free number).

Judith C. Dunn,
Associate Chief Counsel (Domestic).
[FR Doc. 00-8640 Filed 4-4-00; 2:10 pm]
BILLING CODE 4830-01-U