Credit for Renewable Electricity Production and Refined Coal Production, and Publication of Inflation Adjustment Factor and Reference Prices for Calendar Year 2016, 25760 [2016-10065]

Download as PDF 25760 Federal Register / Vol. 81, No. 83 / Friday, April 29, 2016 / Notices are encouraged to arrive at least 30 minutes before the meeting begins to allow sufficient time for security clearance. Photo identification must be presented. Please use the main entrance at 1111 Constitution Ave. NW., to enter the building. Should you wish the ACT to consider a written statement, please call 202–317–8736, or write to: Internal Revenue Service; 1111 Constitution Ave. NW.; SE:T:CL—NCA–676, Washington, DC 20224, or: tege.advisory.comm@irs.gov. Dated: April 26, 2016. Mark F. O’Donnell, Designated Federal Officer, Tax Exempt and Government Entities Division, Internal Revenue Service. [FR Doc. 2016–10064 Filed 4–28–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Credit for Renewable Electricity Production and Refined Coal Production, and Publication of Inflation Adjustment Factor and Reference Prices for Calendar Year 2016 Internal Revenue Service (IRS), Treasury. ACTION: Publication of inflation adjustment factor and reference prices for calendar year 2016 as required by sections 45(e)(2)(A) (26 U.S.C. 45(e)(2)(A)) and 45(e)(8)(C) (26 U.S.C. 45(e)(8)(C)) of the Internal Revenue Code. AGENCY: The 2016 inflation adjustment factor and reference prices are used in determining the availability of the credit for renewable electricity production and refined coal production and Indian coal production under section 45. DATES: The 2016 inflation adjustment factor and reference prices apply to calendar year 2016 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources and to 2016 sales of refined coal and Indian coal produced in the United States or a possession thereof. Inflation Adjustment Factor: The inflation adjustment factor for calendar year 2016 for qualified energy resources and refined coal is 1.5556. The inflation adjustment factor for Indian coal is 1.1934. Reference Prices: The reference price for calendar year 2016 for facilities producing electricity from wind is 4.50 cents per kilowatt hour. The reference prices for fuel used as feedstock within the meaning of section 45(c)(7)(A) asabaliauskas on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:31 Apr 28, 2016 Jkt 238001 (relating to refined coal production) are $31.90 per ton for calendar year 2002 and $53.74 per ton for calendar year 2016. The reference prices for facilities producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, small irrigation power, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy have not been determined for calendar year 2016. Phaseout Calculation: Because the 2016 reference price for electricity produced from wind (4.50 cents per kilowatt hour) does not exceed 8 cents multiplied by the inflation adjustment factor (1.5556), the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2016. Because the 2016 reference price of fuel used as feedstock for refined coal ($53.74) does not exceed $84.38 (which is the $31.90 reference price of such fuel in 2002 multiplied by the inflation adjustment factor (1.5556) and 1.7), the phaseout of the credit provided in section 45(e)(8)(B) does not apply to refined coal sold during calendar year 2016. Further, for electricity produced from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, small irrigation power, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy, the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2016. Credit Amount by Qualified Energy Resource and Facility and Refined Coal and Indian 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 facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy 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 2016 under section 45(a) is 2.3 cents per kilowatt hour on the sale of electricity produced from the PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 qualified energy resources of wind, closed-loop biomass, geothermal energy, and solar energy, and 1.2 cents per kilowatt hour on the sale of electricity produced in open-loop biomass facilities, small irrigation power facilities, landfill gas facilities, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities. Under the calculation required by section 45(b)(2), the credit for refined coal production for calendar year 2016 under section 45(e)(8)(A) is $6.810 per ton on the sale of qualified refined coal. The credit for Indian coal production under section 45(e)(10)(B) is $2.387 per ton on the sale of Indian coal. FOR FURTHER INFORMATION CONTACT: Philip Tiegerman, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, (202) 317–6853 (not a toll-free number). Christopher T. Kelley, Special Counsel to the Associate Chief Counsel (Passthroughs and Special Industries). [FR Doc. 2016–10065 Filed 4–28–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request April 26, 2016. The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104–13, on or after the date of publication of this notice. DATES: Comments should be received on or before May 31, 2016 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimates, or any other aspect of the information collections, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8117, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained by emailing PRA@treasury.gov, calling (202) 622–1295, or viewing the E:\FR\FM\29APN1.SGM 29APN1

Agencies

[Federal Register Volume 81, Number 83 (Friday, April 29, 2016)]
[Notices]
[Page 25760]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10065]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Credit for Renewable Electricity Production and Refined Coal 
Production, and Publication of Inflation Adjustment Factor and 
Reference Prices for Calendar Year 2016

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor and reference prices 
for calendar year 2016 as required by sections 45(e)(2)(A) (26 U.S.C. 
45(e)(2)(A)) and 45(e)(8)(C) (26 U.S.C. 45(e)(8)(C)) of the Internal 
Revenue Code.

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SUMMARY: The 2016 inflation adjustment factor and reference prices are 
used in determining the availability of the credit for renewable 
electricity production and refined coal production and Indian coal 
production under section 45.

DATES: The 2016 inflation adjustment factor and reference prices apply 
to calendar year 2016 sales of kilowatt hours of electricity produced 
in the United States or a possession thereof from qualified energy 
resources and to 2016 sales of refined coal and Indian coal produced in 
the United States or a possession thereof.
    Inflation Adjustment Factor: The inflation adjustment factor for 
calendar year 2016 for qualified energy resources and refined coal is 
1.5556. The inflation adjustment factor for Indian coal is 1.1934.
    Reference Prices: The reference price for calendar year 2016 for 
facilities producing electricity from wind is 4.50 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 $53.74 per ton for 
calendar year 2016. The reference prices for facilities producing 
electricity from closed-loop biomass, open-loop biomass, geothermal 
energy, solar energy, small irrigation power, municipal solid waste, 
qualified hydropower production, and marine and hydrokinetic renewable 
energy have not been determined for calendar year 2016.
    Phaseout Calculation: Because the 2016 reference price for 
electricity produced from wind (4.50 cents per kilowatt hour) does not 
exceed 8 cents multiplied by the inflation adjustment factor (1.5556), 
the phaseout of the credit provided in section 45(b)(1) does not apply 
to such electricity sold during calendar year 2016. Because the 2016 
reference price of fuel used as feedstock for refined coal ($53.74) 
does not exceed $84.38 (which is the $31.90 reference price of such 
fuel in 2002 multiplied by the inflation adjustment factor (1.5556) and 
1.7), the phaseout of the credit provided in section 45(e)(8)(B) does 
not apply to refined coal sold during calendar year 2016. Further, for 
electricity produced from closed-loop biomass, open-loop biomass, 
geothermal energy, solar energy, small irrigation power, municipal 
solid waste, qualified hydropower production, and marine and 
hydrokinetic renewable energy, the phaseout of the credit provided in 
section 45(b)(1) does not apply to such electricity sold during 
calendar year 2016.
    Credit Amount by Qualified Energy Resource and Facility and Refined 
Coal and Indian 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 facilities, qualified 
hydropower facilities, and marine and hydrokinetic renewable energy 
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 2016 under section 45(a) is 2.3 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 1.2 
cents per kilowatt hour on the sale of electricity produced in open-
loop biomass facilities, small irrigation power facilities, landfill 
gas facilities, trash facilities, qualified hydropower facilities, and 
marine and hydrokinetic renewable energy facilities. Under the 
calculation required by section 45(b)(2), the credit for refined coal 
production for calendar year 2016 under section 45(e)(8)(A) is $6.810 
per ton on the sale of qualified refined coal. The credit for Indian 
coal production under section 45(e)(10)(B) is $2.387 per ton on the 
sale of Indian coal.

FOR FURTHER INFORMATION CONTACT: Philip Tiegerman, CC:PSI:6, Internal 
Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, 
(202) 317-6853 (not a toll-free number).

Christopher T. Kelley,
Special Counsel to the Associate Chief Counsel (Passthroughs and 
Special Industries).
[FR Doc. 2016-10065 Filed 4-28-16; 8:45 am]
BILLING CODE 4830-01-P