2024-09224. Publication of Nonconventional Source Production Credit Reference Price for Calendar Year 2023

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice.

SUMMARY:

Publication of the reference price for the nonconventional source production credit for calendar year 2023.

FOR FURTHER INFORMATION CONTACT:

Alan Tilley, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224, Telephone Number [phone] (not a toll-free number).

SUPPLEMENTARY INFORMATION:

The credit period for the nonconventional source production credit ended on December 31, 2013 for facilities producing coke or coke gas (other than from petroleum based products). However, the reference price continues to apply in determining the amount of the enhanced oil recovery credit under section 43 of title 26 of the U.S.C., the marginal well production credit under section 45I of title 26 of the U.S.C., and the applicable percentage under section 613A of title 26 of the U.S.C. to be used in determining percentage depletion in the case of oil and natural gas produced from marginal properties.

The reference price under section 45K(d)(2)(C) of title 26 of the U.S.C. for calendar year 2023 applies for purposes of sections 43, 45I, and 613A for taxable year 2024.

Reference Price: The reference price under section 45K(d)(2)(C) for calendar year 2023 is $76.10.

Christopher T. Kelley,

Special Counsel (Passthroughs and Special Industries).