Combined Notice of Filings, 76822-76823 [2024-21293]
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76822
Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices
lotter on DSK11XQN23PROD with NOTICES1
and, therefore, generally should be
accounted for using nonoperating
accounts.3 Consistent with this longstanding policy, the transfer of income
tax credits should be treated as a
nonoperating activity.
Accordingly, this accounting
guidance requires an entity to treat the
revenue received from the transfer of the
income tax credit (i.e., the entirety of the
cash proceeds) and any costs to
facilitate the transfer, as nonoperating
income or expense consistent with the
underlying nature of the transfer as a
nonoperating activity. Additionally,
upon a transfer of an income tax credit
to an independent third party, an entity
must derecognize all associated
balances previously recorded on its
books, including associated
accumulated deferred income tax
(ADIT) balances, consistent with the
accounting treatment for a disposition of
an asset that had associated ADIT prior
to a sale.4
An entity that purchases a noninvestment tax credit, such as a
production tax credit, from an
independent third party, is required to
record the tax credit on its books using
the same account (i.e., an ADIT asset)
that it would have used had the entity
itself generated the tax credit for use on
its own income tax return. An entity
that purchases an investment tax credit
from an independent third party is
required to use either the flow-through
or deferred method of accounting for
investment tax credits, consistent with
the Commission’s existing accounting
regulations, as if the entity itself
received the upfront tax credit from the
IRS. In all cases, an entity is required to
record the costs incurred to facilitate a
transfer of income tax credits as
nonoperating.
This guidance is for accounting
purposes only and is not intended to
prejudice the rate treatment of the
transfer of income tax credits in any
proceeding before the Commission.
Appendix A provides an example that
describes the accounting for
transferability of an investment tax
credit, and an example that describes
3 See 18 CFR parts 101 and 201, Plant Instruction
No. 5 (f), Plant Purchased or Sold (where the
Commission’s regulations require the use of
nonoperating accounts to record gains and losses,
and sales costs, associated with the sale of plant);
Cent. La. Elec. Co., Opinion No. 394, 71 FERC
¶ 61,225 (1995) (where the Commission determined
that sales of receivables should be treated as
nonoperating activities, and the expenses associated
with such sales should likewise be recorded as
nonoperating); and Sw. Pub. Serv. Co., 188 FERC
¶ 61,102 (2024) (where the Commission determined
transaction costs associated with sales of
production tax credits are nonoperating in nature).
4 See, e.g., Ga. Power Co., Docket No. AC16–109–
000 (Aug. 5, 2016) (unpublished letter order).
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16:59 Sep 18, 2024
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the accounting for transferability of a
non-investment tax credit such as a
production tax credit.
Appendix A
Illustrative Examples of the Application
of the Accounting Release
Example 1: Accounting for
transferability of an Investment Tax
Credit (ITC).
The entire cash received from the
transfer of ITCs is treated as
nonoperating income because the
transferred ITC is intended to merely
take a new form (i.e., the ITC is
monetized into cash) upon its sale to a
third party (i.e., the seller effectively
receives the entirety of the cash from the
sale as if the IRS directly paid the seller
for the ITC). Any costs to facilitate the
sale are likewise treated as nonoperating
expense. If an entity previously
maintained accumulated deferred
income tax (ADIT) (e.g., in Account 190)
associated with ITCs (i.e., in Account
255), such an entity should derecognize,
both the ITC and its associated ADIT
upon transfer.
Journal entry to record the entire cash
proceeds from the sale of the ITC:
Debit Account 131, Cash, Credit
Account 421, Miscellaneous
Nonoperating Income
Journal entry to record costs to facilitate
the sale of the ITC:
Debit Account 426.5, Other
Deductions Credit Account 131,
Cash
Journal entry to derecognize the ITC
upon the sale:
Debit Account 255, Accumulated
Deferred Investment Tax Credits,
Credit Account 411.4, ITC
Adjustments, Utility Operations
Journal entry to derecognize the
associated ADIT asset upon the sale
of the ITC:
Debit Account 410.1, Provision for
Deferred Income Taxes, Operating
Income, Credit Account 190,
Accumulated Deferred Income
Taxes
Example 2: Accounting for
transferability of a Production Tax
Credit (PTC).
The entire cash received from the
transfer of PTCs is treated as
nonoperating income, and any costs to
facilitate the sale are likewise treated as
nonoperating expense. If an entity
previously maintained ADIT assets (e.g.,
in Account 190) for unutilized PTCs
(i.e., unused on the entity’s income tax
return), such ADIT should be
derecognized upon the sale of the PTC.
Journal entry to record the entire cash
proceeds from the sale of the PTC:
Debit Account 131, Cash, Credit
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Frm 00037
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Account 421, Miscellaneous
Nonoperating Income
Journal entry to record costs to facilitate
the sale of the PTC:
Debit Account 426.5, Other
Deductions, Credit Account 131,
Cash
Journal entry to derecognize the
associated ADIT asset upon the sale
of the PTC:
Debit Account 410.1, Provision for
Deferred Income Taxes, Operating
Income, Credit Account 190,
Accumulated Deferred Income
Taxes
[FR Doc. 2024–21290 Filed 9–18–24; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
Combined Notice of Filings
Take notice that the Commission has
received the following Natural Gas
Pipeline Rate and Refund Report filings:
Filings Instituting Proceedings
Docket Numbers: RP24–1062–000.
Applicants: Equitrans, L.P.
Description: 4(d) Rate Filing: Formula
Based Negotiated Rate—10/1/2024
Update to be effective 10/1/2024.
Filed Date: 9/12/24.
Accession Number: 20240912–5001.
Comment Date: 5 p.m. ET 9/24/24.
Docket Numbers: RP24–1063–000.
Applicants: Equitrans, L.P.
Description: Compliance filing:
Operational Purchases and Sales 2024 to
be effective N/A.
Filed Date: 9/12/24.
Accession Number: 20240912–5007.
Comment Date: 5 p.m. ET 9/24/24.
Docket Numbers: RP24–1064–000.
Applicants: Texas Eastern
Transmission, L.P.
Description: 4(d) Rate Filing:
Negotiated Rates—Nextera 911957 and
911890 eff 10–1–24 to be effective 10/
1/2024.
Filed Date: 9/12/24.
Accession Number: 20240912–5043.
Comment Date: 5 p.m. ET 9/24/24.
Any person desiring to intervene, to
protest, or to answer a complaint in any
of the above proceedings must file in
accordance with Rules 211, 214, or 206
of the Commission’s Regulations (18
CFR 385.211, 385.214, or 385.206) on or
before 5:00 p.m. Eastern time on the
specified comment date. Protests may be
considered, but intervention is
necessary to become a party to the
proceeding.
The filings are accessible in the
Commission’s eLibrary system (https://
E:\FR\FM\19SEN1.SGM
19SEN1
Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices
elibrary.ferc.gov/idmws/search/
fercgensearch.asp) by querying the
docket number.
eFiling is encouraged. More detailed
information relating to filing
requirements, interventions, protests,
service, and qualifying facilities filings
can be found at: https://www.ferc.gov/
docs-filing/efiling/filing-req.pdf. For
other information, call (866) 208–3676
(toll free). For TTY, call (202) 502–8659.
The Commission’s Office of Public
Participation (OPP) supports meaningful
public engagement and participation in
Commission proceedings. OPP can help
members of the public, including
landowners, environmental justice
communities, Tribal members and
others, access publicly available
information and navigate Commission
processes. For public inquiries and
assistance with making filings such as
interventions, comments, or requests for
rehearing, the public is encouraged to
contact OPP at (202) 502–6595 or OPP@
ferc.gov.
Dated: September 12, 2024.
Debbie-Anne A. Reese,
Acting Secretary.
[FR Doc. 2024–21293 Filed 9–18–24; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
[Project No. 15337–001]
lotter on DSK11XQN23PROD with NOTICES1
Lock 47 Hydro, LLC; Notice of Intent
To File License Application, Filing of
Pre-Application Document, and
Approving Use of the Traditional
Licensing Process
a. Type of Filing: Notice of Intent to
File License Application and Request to
Use the Traditional Licensing Process
(TLP).
b. Project No.: 15337–001.
c. Date Filed: July 19, 2024.
d. Submitted By: Lock 47 Hydro, LLC.
e. Name of Project: Chain Dam
Hydroelectric Project.
f. Location: On the Lehigh River, in
Palmer Township, and the City of
Easton Pennsylvania, both located in
Northampton County. The project does
not occupy any federal land.
g. Filed Pursuant to: 18 CFR 5.3 of the
Commission’s regulations.
h. Potential Applicant Contact:
Michael Kerr, Lock 47 Hydro, LLC, 100
Cummings Center, Suite 451C, Beverly,
MA 01915; (978) 360–2547; email—
michael@nehydropower.com.
i. FERC Contact: Silvia Pineda-Munoz
at (202) 502–8388; or email at
silvia.pineda-munoz@ferc.gov.
VerDate Sep<11>2014
16:59 Sep 18, 2024
Jkt 262001
j. Lock 47 Hydro, LLC filed its request
to use the Traditional Licensing Process
on July 19, 2024, and provided public
notice of its request on July 25, 2024,
and August 1, 2024. In a letter dated
September 12, 2024, the Director of the
Division of Hydropower Licensing
approved 47 Hydro, LLC’s request to use
the Traditional Licensing Process.
k. With this notice, we are initiating
informal consultation with the U.S. Fish
and Wildlife Service under section 7 of
the Endangered Species Act and the
joint agency regulations thereunder at
50 CFR part 402; and NOAA Fisheries
under section 305(b) of the MagnusonStevens Fishery Conservation and
Management Act and implementing
regulations at 50 CFR 600.920. We are
also initiating consultation with the
Pennsylvania State Historic Preservation
Officer, as required by section 106,
National Historic Preservation Act, and
the implementing regulations of the
Advisory Council on Historic
Preservation at 36 CFR 800.2.
l. With this notice, we are designating
Lock 47 Hydro, LLC as the
Commission’s non-federal
representative for carrying out informal
consultation pursuant to section 7 of the
Endangered Species Act and section
305(b) of the Magnuson-Stevens Fishery
Conservation and Management Act; and
consultation pursuant to section 106 of
the National Historic Preservation Act.
m. Lock 47 Hydro, LLC filed a PreApplication Document (PAD; including
a proposed process plan and schedule)
with the Commission, pursuant to 18
CFR 5.6 of the Commission’s
regulations.
n. A copy of the PAD may be viewed
on the Commission’s website (https://
www.ferc.gov), using the ‘‘eLibrary’’
link. Enter the docket number,
excluding the last three digits in the
docket number field, to access the
document. For assistance, contact FERC
Online Support at
FERCOnlineSupport@ferc.gov, (866)
208–3676 (toll free), or (202) 502–8659
(TTY).
You may register online at https://
ferconline.ferc.gov/FERCOnline.aspx to
be notified via email of new filings and
issuances related to this or other
pending projects. For assistance, contact
FERC Online Support.
o. The applicant states its unequivocal
intent to submit an application for an
original license for Project No. 15337.
p. The Commission’s Office of Public
Participation (OPP) supports meaningful
public engagement and participation in
Commission proceedings. OPP can help
members of the public, including
landowners, environmental justice
communities, Tribal members and
PO 00000
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Fmt 4703
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76823
others, access publicly available
information and navigate Commission
processes. For public inquiries and
assistance with making filings such as
interventions, comments, or requests for
rehearing, the public is encouraged to
contact OPP at (202)502–6595 or OPP@
ferc.gov.
Dated: September 12, 2024.
Debbie-Anne A. Reese,
Acting Secretary.
[FR Doc. 2024–21296 Filed 9–18–24; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
[Project No. 1922–052]
Ketchikan Public Utilities; Notice of
Intent To Prepare an Environmental
Assessment and Revising the
Processing Schedule
On October 27, 2022, Ketchikan
Public Utilities (KPU) filed an
application for a new major license for
the 7.1-megawatt Beaver Falls
Hydroelectric Project (Beaver Falls
Project; FERC No. 1922). The Beaver
Falls Project is located on Beaver Falls
Creek in Ketchikan Gateway Borough,
Alaska. The project currently occupies
478.4 acres of United States lands
administered by U.S. Forest Service.
In accordance with the Commission’s
regulations, on October 10, 2023,
Commission staff issued a notice that
the project was ready for environmental
analysis (REA Notice). Based on the
information in the record, including
comments filed on the REA Notice, staff
does not anticipate that licensing the
project would constitute a major federal
action significantly affecting the quality
of the human environment. On January
5, 2024, the Commission issued a notice
indicating that staff intended to prepare
a draft and final Environmental
Assessment (EA). However, upon
further review, staff intends to prepare
a single EA on the application to
relicense the Beaver Falls Project.
The EA will be issued and circulated
for review by all interested parties. All
comments filed on the EA will be
analyzed by staff and considered in the
Commission’s final licensing decision.
The Commission’s Office of Public
Participation (OPP) supports meaningful
public engagement and participation in
Commission proceedings. OPP can help
members of the public, including
landowners, environmental justice
communities, Tribal members and
others, access publicly available
E:\FR\FM\19SEN1.SGM
19SEN1
Agencies
[Federal Register Volume 89, Number 182 (Thursday, September 19, 2024)]
[Notices]
[Pages 76822-76823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21293]
-----------------------------------------------------------------------
DEPARTMENT OF ENERGY
Federal Energy Regulatory Commission
Combined Notice of Filings
Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:
Filings Instituting Proceedings
Docket Numbers: RP24-1062-000.
Applicants: Equitrans, L.P.
Description: 4(d) Rate Filing: Formula Based Negotiated Rate--10/1/
2024 Update to be effective 10/1/2024.
Filed Date: 9/12/24.
Accession Number: 20240912-5001.
Comment Date: 5 p.m. ET 9/24/24.
Docket Numbers: RP24-1063-000.
Applicants: Equitrans, L.P.
Description: Compliance filing: Operational Purchases and Sales
2024 to be effective N/A.
Filed Date: 9/12/24.
Accession Number: 20240912-5007.
Comment Date: 5 p.m. ET 9/24/24.
Docket Numbers: RP24-1064-000.
Applicants: Texas Eastern Transmission, L.P.
Description: 4(d) Rate Filing: Negotiated Rates--Nextera 911957 and
911890 eff 10-1-24 to be effective 10/1/2024.
Filed Date: 9/12/24.
Accession Number: 20240912-5043.
Comment Date: 5 p.m. ET 9/24/24.
Any person desiring to intervene, to protest, or to answer a
complaint in any of the above proceedings must file in accordance with
Rules 211, 214, or 206 of the Commission's Regulations (18 CFR 385.211,
385.214, or 385.206) on or before 5:00 p.m. Eastern time on the
specified comment date. Protests may be considered, but intervention is
necessary to become a party to the proceeding.
The filings are accessible in the Commission's eLibrary system
(https://
[[Page 76823]]
elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying the
docket number.
eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: https://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call (866) 208-3676
(toll free). For TTY, call (202) 502-8659.
The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at (202) 502-6595 or [email protected].
Dated: September 12, 2024.
Debbie-Anne A. Reese,
Acting Secretary.
[FR Doc. 2024-21293 Filed 9-18-24; 8:45 am]
BILLING CODE 6717-01-P