In Technical Advice Memorandum (TAM) 201729020, the IRS concluded that investors in a partnership that operated refined coal production facilities were not entitled to deduct Sec. 45 refined coal tax credits because the investment transaction was structured solely to facilitate the purchase of the ...
On September 14, 2017, Cross Refined Coal LLC (Partnership) (and USA Refined Coal LLC as the Tax Matters Partner) filed a Petition in the US Tax Court seeking a redetermination of partnership adjustments determined by the Internal Revenue Service (IRS).
The credit is allowed for qualified refined coal (1) produced by the taxpayer at a refined coal production facility during the ten-year. period beginning on the date the facility is originally placed in service, and (2) sold. by the taxpayer to an unrelated person during that ten-year period.
WASHINGTON – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, today introduced bipartisan legislation to extend the refined coal tax credit. The credit incentivizes power plants to pre-treat or refine coal to improve efficiency and decrease emissions of nitrogen ...
The refined coal tax credits expire in 2021. According to tax documents, Mylan for now has 99-percent stakes in: Canton Fuels Company in Illinois, Chouteau Fuels Company in Oklahoma, Deogun Manufacturing Company in Utah, Marquis Industrial Company in Indiana, and Powder Street LLC in West Virginia.
The 2017 credit rate for open-loop biomass, landfill gas, trash, qualified hydropower and marine and hydrokinetic facilities is unchanged at 1.2 cents per kilowatt hour. The 2017 credit for rate for refined coal production is $6.909 per ton on the sale of refined coal.
The US government allows a tax credit of $6.71 a ton for producing refined coal. The facility at which the refined coal is produced must have been in service by December 2011. Tax credits can be claimed for 10 years on the output sold to third parties.
The tax credit is claimed by the producer of the refined coal and can be claimed for 10 years after the refined coal facility is first put in service. All such facilities had to be in service by the end of 2011 to qualify for tax credits. The tax credit amount is adjusted each year for inflation.
The US government allows a tax credit of $6.71 a ton for producing refined coal. The facility at which the refined coal is produced must have been in service by December 2011. Tax credits can be claimed for 10 years on the output sold to third parties.
There are also production tax credits for Indian coal and refined coal. Indian coal production facilities must have been placed in service before January 1, 2009, for coal produced before January 1, 2016, to receive credits. There is no placed-in-service limitation for coal produced and sold after December 31, 2015.
Section 45 of the Code provides a tax credit for the production of refined coal at a refined coal production facility during the 10-year period beginning on the date the facility was originally placed in service, and sold by the taxpayer to an unrelated person (defined in the same manner as with respect to other Section 45 facilities) during such ...