Federal Tax, Tax

New Info for Energy Production Credits

The IRS has just published new inflation adjustment factors and reference prices for determining Code Sec. 45 energy production credits. This credit generally is available to qualified renewal electricity producers. For 2022, the inflation adjustment factor for qualified energy resources is 1.8012 and the reference price for facilities producing electricity from wind is 4.09 cents per kilowatt hour. Note that phaseouts don’t apply in 2022. Also, the refined coal production credit and Indian coal production credit have expired. See more details in the Federal Register. For questions, contact Cg. © 2022