Credit for Renewable Electricity Production and Refined Coal Production, and Publication of Inflation Adjustment Factor and Reference Prices for Calendar Year 2018, 17474 [2018-08201]

Download as PDF 17474 Federal Register / Vol. 83, No. 76 / Thursday, April 19, 2018 / Notices included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record. Approved: April 10, 2018. R. Joseph Durbala, IRS, Tax Analyst. [FR Doc. 2018–08146 Filed 4–18–18; 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 2018 Internal Revenue Service (IRS), Treasury. ACTION: Publication of inflation adjustment factor and reference prices for calendar year 2018. AGENCY: The 2018 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 2018 inflation adjustment factor and reference prices apply to calendar year 2018 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources and to 2018 sales of refined coal produced in the United States or a possession thereof. FOR FURTHER INFORMATION CONTACT: Martha M. Garcia, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224, (202) 317–6853 (not a toll-free number). SUPPLEMENTARY INFORMATION: Publication of the inflation adjustment factor and reference prices is 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. Inflation Adjustment Factor: The inflation adjustment factor for calendar year 2018 for qualified energy resources and refined coal is 1.6072. Reference Prices: The reference price for calendar year 2018 for facilities producing electricity from wind is 4.85 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 $49.69 per ton for calendar year 2018. The reference prices for facilities daltland on DSKBBV9HB2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:49 Apr 18, 2018 Jkt 244001 producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, small irrigation power, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy have not been determined for calendar year 2018. Phaseout Calculation: Because the 2018 reference price for electricity produced from wind (4.85 cents per kilowatt hour) does not exceed 8 cents multiplied by the inflation adjustment factor (1.6072), the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2018. Because the 2018 reference price of fuel used as feedstock for refined coal ($49.69) does not exceed $87.16 (which is the $31.90 reference price of such fuel in 2002 multiplied by the inflation adjustment factor (1.6072) 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 2018. Further, for electricity produced from closed-loop biomass, open-loop biomass, geothermal 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 2018. 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), 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 2018 under section 45(a) is 2.4 cents per kilowatt hour on the sale of electricity produced from the qualified energy resources of wind, closed-loop biomass, geothermal energy, and 1.2 cents per kilowatt hour on the sale of electricity produced in open-loop biomass facilities, small irrigation power PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 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 2018 under section 45(e)(8)(A) is $7.03 per ton on the sale of qualified refined coal. Christopher T. Kelley, Special Counsel, Passthroughs and Special Industries. [FR Doc. 2018–08201 Filed 4–18–18; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF VETERANS AFFAIRS Advisory Committee on Disability Compensation, Notice of Meeting The Department of Veterans Affairs (VA) gives notice under the Federal Advisory Committee Act that the Advisory Committee on Disability Compensation (Committee) will meet on May 22–23, 2018. The Committee will meet at 1800 G Street NW, Washington, DC 20006. The meeting will be held on the Fourth Floor in Conference Room 420–H. The meetings are open to the public. The purpose of the Committee is to advise the Secretary of Veterans Affairs on the maintenance and periodic readjustment of the VA Schedule for Rating Disabilities. The Committee is to assemble and review relevant information relating to the nature and character of disabilities arising during service in the Armed Forces, provide an ongoing assessment of the effectiveness of the rating schedule, and give advice on the most appropriate means of responding to the needs of Veterans relating to disability compensation. On May 22, 2018, the sessions will begin at 7:30 a.m. and end at 3:00 p.m. EST. On May 23, 2018 the sessions will begin at 7:30 a.m. and end at 4:30 p.m. EST. On both days, the Committee will receive briefings on issues related to compensation for Veterans with serviceconnected disabilities and on other VA benefits programs. Time will be allocated for receiving public comments. Public comments will be limited to three minutes each. Individuals wishing to make oral statements before the Committee will be accommodated on a first-come, firstserved basis. Individuals who speak are invited to submit 1–2 page summaries of their comments at the time of the meeting for inclusion in the official meeting record. E:\FR\FM\19APN1.SGM 19APN1

Agencies

[Federal Register Volume 83, Number 76 (Thursday, April 19, 2018)]
[Notices]
[Page 17474]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08201]


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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 2018

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor and reference prices 
for calendar year 2018.

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SUMMARY: The 2018 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 2018 inflation adjustment factor and reference prices apply 
to calendar year 2018 sales of kilowatt hours of electricity produced 
in the United States or a possession thereof from qualified energy 
resources and to 2018 sales of refined coal produced in the United 
States or a possession thereof.

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

SUPPLEMENTARY INFORMATION: Publication of the inflation adjustment 
factor and reference prices is 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.
    Inflation Adjustment Factor: The inflation adjustment factor for 
calendar year 2018 for qualified energy resources and refined coal is 
1.6072.
    Reference Prices: The reference price for calendar year 2018 for 
facilities producing electricity from wind is 4.85 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 $49.69 per ton for 
calendar year 2018. The reference prices for facilities producing 
electricity from closed-loop biomass, open-loop biomass, geothermal 
energy, small irrigation power, municipal solid waste, qualified 
hydropower production, and marine and hydrokinetic renewable energy 
have not been determined for calendar year 2018.
    Phaseout Calculation: Because the 2018 reference price for 
electricity produced from wind (4.85 cents per kilowatt hour) does not 
exceed 8 cents multiplied by the inflation adjustment factor (1.6072), 
the phaseout of the credit provided in section 45(b)(1) does not apply 
to such electricity sold during calendar year 2018. Because the 2018 
reference price of fuel used as feedstock for refined coal ($49.69) 
does not exceed $87.16 (which is the $31.90 reference price of such 
fuel in 2002 multiplied by the inflation adjustment factor (1.6072) 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 2018. Further, for 
electricity produced from closed-loop biomass, open-loop biomass, 
geothermal 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 2018.
    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), 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 2018 under section 45(a) is 2.4 cents per kilowatt hour on the 
sale of electricity produced from the qualified energy resources of 
wind, closed-loop biomass, geothermal 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 2018 under section 45(e)(8)(A) is $7.03 per ton on 
the sale of qualified refined coal.

Christopher T. Kelley,
Special Counsel, Passthroughs and Special Industries.
[FR Doc. 2018-08201 Filed 4-18-18; 8:45 am]
 BILLING CODE 4830-01-P