Internal Revenue Service (IRS), Treasury.
Publication of inflation adjustment factor and reference prices for calendar year 2003 as required by section 45(d)(2)(A) (26 U.S.C. 45(d)(2)(A)).
The 2003 inflation adjustment factor and reference prices are used in determining the availability of the renewable electricity production credit under section 45(a).
The 2003 inflation adjustment factor and reference prices apply to calendar year 2003 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources.
Inflation Adjustment Factor: The inflation adjustment factor for calendar year 2003 is 1.2048.
Reference Prices: The reference prices for calendar year 2003 are 4.85¢ per kilowatt hour for facilities producing electricity from wind and 0¢ per kilowatt hour for facilities producing electricity from closed-loop biomass and poultry waste.
Because the 2003 reference prices for electricity produced from wind, closed-loop biomass, and poultry waste energy resources do not exceed 8¢ multiplied by the inflation adjustment factor, the phaseout of the credit provided in section 45(b)(1) does not apply to electricity sold during calendar year 2003.
Credit Amount: As required by section 45(b)(2), the 1.5¢ amount in section 45(a)(1) is 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¢, such amount is rounded to the nearest multiple of 0.1¢. Under the calculation required by section 45(b)(2), the renewable electricity production credit for calendar year 2003 under section 45(a) is 1.8¢ per kilowatt hour on the sale of electricity produced from wind, closed-loop biomass, and poultry waste energy resources.Start Further Info
FOR FURTHER INFORMATION CONTACT:
David A. Selig, IRS, CC:PSI:5, 1111 Constitution Ave., NW., Washington, Start Printed Page 19074DC 20224, (202) 622-3040 (not a toll-free call).Start Signature
Heather C. Maloy,
Associate Chief Counsel, (Passthroughs & Special Industries).
[FR Doc. 03-9397 Filed 4-16-03; 8:45 am]
BILLING CODE 4830-01-P