Issued on: December 5, 2007
Tax Credit Program Promotes Advanced Coal Power Generation and Gasification Technologies
DOE Will Assist Internal Revenue Service in Project Selection
Washington, D.C. - The U.S. Department of Energy (DOE) is partnering with the Internal Revenue Service (IRS) to evaluate five projects that have recently applied for tax credits under the Energy Policy Act of 2005 (EPAct 2005). Accepted projects will help bring about rapid deployment of advanced coal-based power generation and gasification technologies and enable the clean and efficient use of coal, America's most abundant energy resource.
In June 2007, the Treasury Department and DOE released revised guidance on the procedures for awarding the tax credits authorized under EPAct 2005 for qualifying advanced coal projects and qualifying gasification projects. Under the revised guidance, applications for DOE certification received before October 31, 2007, will be acted on in 2008.
DOE received five applications for projects in five different states before the October 31 deadline. Two applications, requesting $258 million in tax credits, were received for qualifying advanced coal projects costing $4.1 billion, while three applications, requesting $390 million in tax credits, were received for qualifying gasification projects costing $5.0 billion.
The Office of Fossil Energy's National Energy Technology Laboratory and the IRS will be evaluating the proposed projects for technical and economic feasibility and will rank certified projects in accordance with the criteria set forth in the revised guidance. The IRS will accept or reject applications based on this ranking and will notify each applicant of its decision by April 30, 2008.
Last year, DOE and IRS awarded $1 billion in tax credits to nine companies under the qualifying advanced coal project and qualifying gasification project programs.
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For more information, contact: |
- Mike Jacobs, FE Office of Communications, 202-586-0507
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