IRS notices: Percentage depletion for oil and gas produced from marginal properties; electricity production credit
Information for taxpayers involved in oil and gas and electricity production
Information for taxpayers involved in oil and gas and electricity production
The Internal Revenue Bulletin 2023-30 (dated July 24, 2023) includes the following IRS notices providing information for taxpayers involved in oil and gas and electricity production.
- Notice 2023-50 announces that under section 613A(c)(6)(C), the applicable percentage for purposes of determining percentage depletion on marginal properties for calendar year 2023 is 15%.
- Notice 2023-51 provides the inflation adjustment factor and reference price for calendar year 2023 for the renewable electricity production credit under section 45. The notice also provides the credit amounts for calendar year 2023 under section 45. These reference price and credit amounts were previously announced by the IRS and Treasury Department. Read TaxNewsFlash
Read the IRS notices in IRB-2023-30 [PDF 884 KB]
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.