This notice sets forth interim guidance, pending the issuance
of regulations, relating to the credit under section 45J of the
Code for production of electricity at advanced nuclear power
facilities. Specifically, this notice explains the method that will
be used to allocate the national megawatt capacity limitation
that limits the allowable credit and prescribes the application
process by which taxpayers may request an allocation of the
national megawatt capacity limitation. This notice also provides
guidance on the requirement that the electricity be sold
to an unrelated person and on the effect of grants, tax-exempt
bonds, subsidized energy financing, and other credits.
This notice provides guidance with respect to the information
reporting requirements applicable to Gulf Opportunity Zone
Bonds, Gulf Opportunity Zone Advance Refunding Bonds, and
Gulf Tax Credit Bonds. In addition, the notice provides other
guidance with respect to Gulf Tax Credit Bonds including
guidance to issuers of Gulf Tax Credit Bonds with respect to
the credit rate and arbitrage requirements and guidance to
holders of Gulf Tax Credit Bonds with respect to the treatment
of the credit for income tax purposes.
A list is provided of organizations now classified as private foundations.
Ameratrust, Inc., of Delray Beach, FL, no longer qualifies as an
organization to which contributions are deductible under section
170 of the Code.
Credit for sales of fuel produced from a nonconventional
source, inflation adjustment factor, and reference price.
This notice publishes the nonconventional source fuel credit,
the inflation adjustment factor, and the reference price under
section 29 of the Code for calendar year 2005. This data is
used to determine the credit allowable on sales of fuel produced
from a nonconventional source.
This announcement advises individual taxpayers of the release
of new Form 8898 (March 2006), Statement for Individuals
Who Begin or End Bona Fide Residence in a U.S. Possession.
The form is used to notify the IRS that an individual taxpayer
became or ceased to be a bona fide resident of a U.S. possession
in accordance with Code section 937, which was added by
the American Jobs Creation Act of 2004. For this purpose, the
following are considered U.S. possessions: American Samoa,
Guam, the Commonwealth of the Northern Mariana Islands, the
Commonwealth of Puerto Rico, and the U.S. Virgin Islands.
This document contains corrections to final regulations under
section 163(d) of the Code (T.D. 9191, 2005-15 I.R.B. 854)
regarding rules relating to how and when taxpayers may elect
to take qualified dividend income into account as investment income
for purposes of calculating the deduction for investment
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