The Internal Revenue Service has allocated nearly $1 billion of tax credits to nine planned clean coal projects.The Energy Policy Act of 2005 authorized the tax credits, and, working within a number of set parameters, the IRS consulted with the Department of Energy to allocate the credit to specific projects.
The projects receiving credits are located in nine different states and approximately $650 million of additional tax credits will be available for allocation to clean coal projects in 2007. Breakdowns and definitions of what coal-related projects qualify to apply for the funds are available at the IRS’s Web site, www.IRS.gov.
The application period for the 2007 allocation is open and will remain open until Oct. 1, 2007. IRS Notices 2006-24 and 2006-25 provide complete instructions for submitting an application for the 2007 credit allocation. The agency expects that the notices will be modified to provide that the application for certification from the Department of Energy for the 2007 allocation is due on, or before, June 1, 2007.
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