Credit for Renewable Electricity Production and Refined Coal Production, Publication of Inflation Adjustment Factor and Reference Prices for Calendar Year 2006, 16420-16421 [E6-4668]

Download as PDF 16420 Federal Register / Vol. 71, No. 62 / Friday, March 31, 2006 / Notices through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: March 21, 2006. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–4679 Filed 3–30–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–208172–91] Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. dsatterwhite on PROD1PC76 with NOTICES AGENCY: SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, REG–208172– 91 [TD 8787], Basis Reduction Due to Discharge of Indebtedness, (§§ 1.108– 4,and 1.1017–1). DATES: Written comments should be received on or before May 30, 2006 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or regulations should be directed to Allan Hopkins, at (202) 622–6665, or at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at Allan.M.Hopkins@irs.gov. SUPPLEMENTARY INFORMATION: Title: Basis Reduction Due to Discharge of Indebtedness. OMB Number: 1545–1539. Regulation Project Number: REG– 208172–91. Abstract: This regulation provides ordering rules for the reduction of bases of property under Internal Revenue Code sections 108 and 1017. The regulation affects taxpayers that exclude VerDate Aug<31>2005 16:35 Mar 30, 2006 Jkt 208001 discharge of indebtedness from gross income under Code section 108. The collection of information is required for a taxpayer to elect to reduce the adjusted bases of depreciable property under section 108(b)(5), to elect to treat section 1221(l) real property as either depreciable property or depreciable real property, and to account for a partnership interest as either depreciable property or depreciable real property. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, and business or other forprofit organizations. Estimated Number of Responses: 10,000. Estimated Time Per Response: 1 hour. Estimated Total Annual Burden Hours: 10,000. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: March 22, 2006. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–4680 Filed 3–30–06; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 DEPARTMENT OF THE TREASURY Internal Revenue Service Credit for Renewable Electricity Production and Refined Coal Production, Publication of Inflation Adjustment Factor and Reference Prices for Calendar Year 2006 Internal Revenue Service (IRS), Treasury. ACTION: Publication of inflation adjustment factor and reference prices for calendar year 2006 as required by section 45(e)(2)(A) (26 U.S.C. 45(e)(2)(A)) and section 45(e)(8)(C) (26 U.S.C. 45(e)(8)(C)). AGENCY: SUMMARY: The 2006 inflation adjustment factor and reference prices are used in determining the availability of the credit for renewable electricity production and refined coal production under section 45. DATES: The 2006 inflation adjustment factor and reference prices apply to calendar year 2006 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources, and to 2006 sales of refined coal produced in the United States or a possession thereof. Inflation Adjustment Factor: The inflation adjustment factor for calendar year 2006 is 1.2981. Reference Prices: The reference price for calendar year 2006 for facilities producing electricity from wind is 2.89 cents per kilowatt hour. The reference prices for fuel used as feedstock within the meaning of section 45(c)(7)(A) (relating to refined coal production) are $31.90 per ton for calendar year 2002 and $42.78 per ton for calendar year 2006. The reference prices for facilities producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, small irrigation power, municipal solid waste, and qualified hydropower production have not been determined for calendar year 2006. The IRS is exploring methods of determining those reference prices for calendar year 2007. Because the 2006 reference price for electricity produced from wind does not exceed 8 cents multiplied by the inflation adjustment factor, the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2006. Because the 2006 reference price of fuel used as feedstock for refined coal does not exceed the $31.90 reference price of such fuel in 2002 multiplied by the inflation adjustment factor and 1.7, the phaseout of credit provided in section E:\FR\FM\31MRN1.SGM 31MRN1 Federal Register / Vol. 71, No. 62 / Friday, March 31, 2006 / Notices dsatterwhite on PROD1PC76 with NOTICES 45(e)(8)(B) does not apply to refined coal sold during calendar year 2006. Further, for electricity produced from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, small irrigation power, municipal solid waste, and qualified hydropower production, the phaseout of credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2006. Credit Amount By Qualified Energy Resource And Facility, And Refined Coal: As required by section 45(b)(2), the 1.5-cent amount in section 45(a)(1), the 8-cent amount in section 45(b)(1), and the $4.375 amount in section 45(e)(8)(A) are each 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. In the case of electricity produced in open-loop biomass facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and qualified hydropower facilities, section 45(b)(4)(A) requires the amount in effect under section 45(a)(1) (before rounding to the nearest 0.1 cent) to be reduced by one-half. Under the calculation required by section 45(b)(2), the credit for renewable electricity production for VerDate Aug<31>2005 16:35 Mar 30, 2006 Jkt 208001 calendar year 2006 under section 45(a) is 1.9 cents per kilowatt hour on the sale of electricity produced from the qualified energy resources of wind, closed-loop biomass, geothermal energy, and solar energy, and 0.9 cent per kilowatt hour on the sale of electricity produced in open-loop biomass facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and qualified hydropower facilities. Under the calculation required by section 45(b)(2), the credit for refined coal production for calendar year 2006 under section 45(e)(8)(A) is $5.679 per ton on the sale of qualified refined coal. FOR FURTHER INFORMATION CONTACT: David A. Selig, IRS, CC:PSI:5, 1111 Constitution Ave., NW., Washington, DC 20224, (202) 622–3040 (not a tollfree call). Heather Maloy, Associate Chief Counsel (Passthroughs & Special Industries). [FR Doc. E6–4668 Filed 3–30–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF VETERANS AFFAIRS Privacy Act of 1974, Deletion of System of Records AGENCY: PO 00000 Department of Veterans Affairs. Frm 00142 Fmt 4703 Sfmt 4703 ACTION: 16421 Notice. Notice is hereby given that the Board of Veterans’ Appeals (BVA) is deleting a system of records entitled, ‘‘Representatives’ Fee Agreement Records System,’’ (81VA01), first published at 56 FR 18874 (April 24, 1991) and amended at 57 FR 8792 (March 12, 1992), 63 FR 37941 (July 14, 1998), and 66 FR 47725 (Sept. 13, 2001). The records in this system were merged into the system of records entitled, ‘‘Veterans Appellate Records System— VA’’ (44VA01), rendering 81VA01 superfluous. Notice of that merger was published at 70 FR 6079 (February 4, 2005). A ‘‘Report of Intent to Publish a Federal Register Notice of Deletion of a System of Records’’ and an advance copy of the system notice have been provided to the appropriate Congressional committees and to the Director, Office of Management and Budget (OMB) as required by 5 U.S.C. 552a(r) and guidelines issued by OMB (65 FR 77677), December 12, 2000. This system deletion is effective March 31, 2006. Approved: March 17, 2006. Gordon H. Mansfield, Deputy Secretary of Veterans Affairs. [FR Doc. E6–4718 Filed 3–30–06; 8:45 am] BILLING CODE 8320–01–P E:\FR\FM\31MRN1.SGM 31MRN1

Agencies

[Federal Register Volume 71, Number 62 (Friday, March 31, 2006)]
[Notices]
[Pages 16420-16421]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4668]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Credit for Renewable Electricity Production and Refined Coal 
Production, Publication of Inflation Adjustment Factor and Reference 
Prices for Calendar Year 2006

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor and reference prices 
for calendar year 2006 as required by section 45(e)(2)(A) (26 U.S.C. 
45(e)(2)(A)) and section 45(e)(8)(C) (26 U.S.C. 45(e)(8)(C)).

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SUMMARY: The 2006 inflation adjustment factor and reference prices are 
used in determining the availability of the credit for renewable 
electricity production and refined coal production under section 45.

DATES: The 2006 inflation adjustment factor and reference prices apply 
to calendar year 2006 sales of kilowatt hours of electricity produced 
in the United States or a possession thereof from qualified energy 
resources, and to 2006 sales of refined coal produced in the United 
States or a possession thereof.
    Inflation Adjustment Factor: The inflation adjustment factor for 
calendar year 2006 is 1.2981.
    Reference Prices: The reference price for calendar year 2006 for 
facilities producing electricity from wind is 2.89 cents per kilowatt 
hour. The reference prices for fuel used as feedstock within the 
meaning of section 45(c)(7)(A) (relating to refined coal production) 
are $31.90 per ton for calendar year 2002 and $42.78 per ton for 
calendar year 2006. The reference prices for facilities producing 
electricity from closed-loop biomass, open-loop biomass, geothermal 
energy, solar energy, small irrigation power, municipal solid waste, 
and qualified hydropower production have not been determined for 
calendar year 2006. The IRS is exploring methods of determining those 
reference prices for calendar year 2007.
    Because the 2006 reference price for electricity produced from wind 
does not exceed 8 cents multiplied by the inflation adjustment factor, 
the phaseout of the credit provided in section 45(b)(1) does not apply 
to such electricity sold during calendar year 2006. Because the 2006 
reference price of fuel used as feedstock for refined coal does not 
exceed the $31.90 reference price of such fuel in 2002 multiplied by 
the inflation adjustment factor and 1.7, the phaseout of credit 
provided in section

[[Page 16421]]

45(e)(8)(B) does not apply to refined coal sold during calendar year 
2006. Further, for electricity produced from closed-loop biomass, open-
loop biomass, geothermal energy, solar energy, small irrigation power, 
municipal solid waste, and qualified hydropower production, the 
phaseout of credit provided in section 45(b)(1) does not apply to such 
electricity sold during calendar year 2006.
    Credit Amount By Qualified Energy Resource And Facility, And 
Refined Coal: As required by section 45(b)(2), the 1.5-cent amount in 
section 45(a)(1), the 8-cent amount in section 45(b)(1), and the $4.375 
amount in section 45(e)(8)(A) are each 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. In the case of electricity produced in 
open-loop biomass facilities, small irrigation power facilities, 
landfill gas facilities, trash combustion facilities, and qualified 
hydropower facilities, section 45(b)(4)(A) requires the amount in 
effect under section 45(a)(1) (before rounding to the nearest 0.1 cent) 
to be reduced by one-half. Under the calculation required by section 
45(b)(2), the credit for renewable electricity production for calendar 
year 2006 under section 45(a) is 1.9 cents per kilowatt hour on the 
sale of electricity produced from the qualified energy resources of 
wind, closed-loop biomass, geothermal energy, and solar energy, and 0.9 
cent per kilowatt hour on the sale of electricity produced in open-loop 
biomass facilities, small irrigation power facilities, landfill gas 
facilities, trash combustion facilities, and qualified hydropower 
facilities. Under the calculation required by section 45(b)(2), the 
credit for refined coal production for calendar year 2006 under section 
45(e)(8)(A) is $5.679 per ton on the sale of qualified refined coal.

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 Maloy,
Associate Chief Counsel (Passthroughs & Special Industries).
[FR Doc. E6-4668 Filed 3-30-06; 8:45 am]
BILLING CODE 4830-01-P

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