Congress in expanding Section 45 Federal Income Tax Credits for the production of “steel industry fuel” has opened the door for many coal companies in Pennsylvania, West Virginia and elsewhere to claim valuable and sellable Federal Income Tax Credits. The credits are available for the production of “steel industry fuel” which is a very specific defined product. “Steel industry fuel” is produced by recycling coal pond fines or waste coal or coal tar sludge and blending it or spraying it on met coal under very specific guidelines. This helps coal companies to:
Clean up old coal ponds with carbon in the fines by creating a “steel industry fuel”;
Beef up profits through the syndication and sale of the tax credits while being good environmental citizens.
The Section 45 tax credit, according to Ray Dinning, tax lawyer, is designed to benefit a coal company over the course of one to four years through a sizeable tax credit that is not difficult to qualify for under the guidance of Congress and the IRS.
For help with Section 45 Federal Income Tax Credits or the sale of these credits through monetization and syndication, call International Tax Partners at (757) 232-2619.