IRS Marginal Production Tax Credit Rates 2009
Submitted by vinny on Fri, 08/28/2009 - 17:35.
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IRS declared that 613A of the Internal Revenue Code to be used in determining percentage depletion for marginal properties for the 2009 calendar year. IRS also issued a notice for calculation of Marginal Production Tax based on percentage system.
Section 613A(c)(6)(C) defines the term "applicable percentage" for purposes of determining percentage depletion for oil and gas produced from marginal properties.
The applicable percentage is the percentage (not greater than 25 percent) equal to the sum of 15 percent, plus one percentage point for each whole dollar by which $20 exceeds the reference price (determined under § 45K(d)(2)(C)) for crude oil for the calendar year preceding the calendar year in which the taxable year begins. The reference price determined under § 45K(d)(2)(C) for the 2008 calendar year is $94.03.
Checkout IRS notice 2009-74 for marginal production tax calculation percentage brackets.
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