[Federal Register Volume 69, Number 58 (Thursday, March 25, 2004)]
[Notices]
[Page 15436]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-6624]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Renewable Electricity Production Credit, Publication of Inflation 
Adjustment Factor and Reference Prices for Calendar Year 2004

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor and reference prices 
for calendar year 2004 as required by section 45(d)(2)(A) (26 U.S.C. 
45(d)(2)(A)).

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SUMMARY: The 2004 inflation adjustment factor and reference prices are 
used in determining the availability of the renewable electricity 
production credit under section 45(a).

DATES: The 2004 inflation adjustment factor and reference prices apply 
to calendar year 2004 sales of kilowatt hours of electricity produced 
in the United States or a possession thereof from qualified energy 
resources.
    Inflation Adjustment Factor: The inflation adjustment factor for 
calendar year 2004 is 1.2230.
    Reference Prices: The reference prices for calendar year 2004 are 
3.24[cent] per kilowatt hour for facilities producing electricity from 
wind and 0[cent] per kilowatt hour for facilities producing electricity 
from closed-loop biomass and poultry waste.
    Because the 2004 reference prices for electricity produced from 
wind, closed-loop biomass, and poultry waste energy resources do not 
exceed 8[cent] multiplied by the inflation adjustment factor, the 
phaseout of the credit provided in section 45(b)(1) does not apply to 
electricity sold during calendar year 2004.
    Credit Amount: As required by section 45(b)(2), the 1.5[cent] 
amount in section 45(a)(1) is adjusted by multiplying such amount by 
the inflation adjustment factor for the calendar year in which the sale 
occurs. If any amount as increased under the preceding sentence is not 
a multiple of 0.1[cent], such amount is rounded to the nearest multiple 
of 0.1[cent]. Under the calculation required by section 45(b)(2), the 
renewable electricity production credit for calendar year 2004 under 
section 45(a) is 1.8[cent] per kilowatt hour on the sale of electricity 
produced from wind, closed-loop biomass, and poultry waste energy 
resources.

FOR FURTHER INFORMATION CONTACT: David A. Selig, IRS, CC:PSI:5, 1111 
Constitution Ave., NW., Washington, DC 20224, (202) 622-3040 (not a 
toll-free call).

Heather C. Maloy,
Associate Chief Counsel (Passthroughs & Special Industries).
[FR Doc. 04-6624 Filed 3-24-04; 8:45 am]
BILLING CODE 4830-01-P