[Federal Register: April 6, 1999 (Volume 64, Number 65)]
[Notices]               
[Page 16786]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06ap99-152]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

 
Publication of Inflation Adjustment Factor, Nonconventional 
Source Fuel Credit, and Reference Price for Calendar Year 1998

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Publication of inflation adjustment factor, nonconventional 
source fuel credit, and reference price for calendar year 1998 as 
required by section 29 of the Internal Revenue Code (26 U.S.C. section 
29).

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SUMMARY: The inflation adjustment factor, nonconventional source fuel 
credit, and reference price are used in determining the tax credit 
allowable on the production of fuel from nonconventional sources under 
section 29.

DATES: The 1998 inflation adjustment factor, nonconventional source 
fuel credit, and reference price apply to qualified fuels sold during 
calendar year 1998.

INFLATION FACTOR: The inflation factor for calendar year 1998 is 
2.0384.

CREDIT: The nonconventional source fuel credit for calendar year 1998 
is $6.12 per barrel-of-oil equivalent of qualified fuels.

PRICE: The reference price for calendar year 1998 is $10.88. Because 
this reference price does not exceed $23.50 multiplied by the inflation 
adjustment factor, the phaseout of credit provided for in section 
29(b)(1) does not occur for any qualified fuel sold in calendar year 
1998.

FOR FURTHER INFORMATION CONTACT:

For the inflation factor and credit--Thomas Thompson, OP:RS:R:E, 
Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 
20224, Telephone Number (202) 874-0585 (not a toll-free number)
For the reference price--Alan Cooper or David McMunn, CC:DOM:P&SI:6, 
Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 
20224, Telephone Number (202) 622-3110 (not a toll-free number)
Judith C. Dunn,
Associate Chief Counsel (Domestic).
[FR Doc. 99-8371 Filed 4-5-99; 8:45 am]
BILLING CODE 4830-01-U