Over six companies have sought guidance in the last two weeks on the Section 45 Refined Coal Tax Credit and Waste Coal Tax Credit. International Tax Partners is assisting small to mid sized companies in claiming their federal energy tax credits.
On October 4, 2010, the IRS issued guidance for the Refined Coal Tax Credit. Notice 2010-54 provides key guidance on claiming this very beneficial “green” incentive to produce usable coal from waste coal and to produce a cleaner burning coal for energy production.
In 2010, the tax credit is $6.27 per ton of refined coal produced and sold for the power generation market. “This is a substantial incentive for coal producers to produce and market a cleaner coal product,” says Dinning. For information concerning Section 45 tax credits or other energy incentives, please call International Tax Partners at 757.232.2619.