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| Headwaters Energy Services helps you understand Section 29 |
| Section 29 Phaseout Calculator |
| 5/2/2005 |
| Section 29(a) provides for a credit for producing fuel from a non-conventional source, measured in barrel-of-oil equivalent (“OBE”) of qualified fuels. This Phaseout Formula shows how oil prices affect the tax credit. |
| History and Congressional Intent (white paper) |
| Section 29 of the Internal Revenue Code was established by Congress through the Crude Oil Windfall Profit Tax Act of 1980, which stemmed from the energy crisis of the 1970s. Its purpose then, as today, is to encourage the production of domestic energy while reducing U.S. reliance on energy imports, and to promote the development and use of new technologies to meet America’s growing energy needs. |
| Economic Benefits (white paper) |
| The positive economic impact of Section 29 and coal-based synthetic fuel in America is substantial. The economic benefits range from the creation and/or maintenance of jobs at synthetic fuel plants, coal mines, transportation companies and service companies, to lower fuel prices being charged to electric generators, which are able to pass savings on to the general public. |
| Environmental Benefits (white paper) |
| The positive impact of Section 29 coalbased synthetic fuel extends well beyond its economic benefits and includes significant long-term environmental advantages. |
| Headwaters Energy Services' Activities in Response to IRS 2003-46 |
| Headwaters Energy Services', a division of Headwaters Incorporated, is actively involved as a leader in seeking a favorable resolution of issues associated with Internal Revenue Service Announcement 2003-46. During Headwaters’ Third Quarter earnings call, CEO Kirk Benson elaborated upon the Company’s strategy designed to resolve the issue. |
| Announcement 2003-70 |
| Section 29 of the Internal Revenue Code provides a tax credit for the production and sale of solid synthetic fuels produced from coal. |
| Industry Overview presentation |
| Coal-based Section 29 Industry Overview Presentation July 2003 |
| Section 29 Tax Code |
| 1986 Code—Subtitle A, Ch. 1A, Part IV B |
| Announcement 2003-46 |
| Section 29 of the Internal Revenue Code provides a tax credit for the production and sale of solid synthetic fuels produced from coal. |
| Revenue Procedure 2001-30 |
| This revenue procedure informs the public of the Internal Revenue Service’s decision to issue private letter rulings regarding whether a solid fuel produced from coal is a qualified fuel under § 29(c)(1)(C) of the Internal Revenue Code under the circumstances described in section 3 of this revenue procedure. |
| Revenue Procedure 2001-34 |
| 4/1/2001 |
| The Internal Revenue Service today issued Revenue Procedure 2001-34, which modifies Revenue Procedure 2001-30, issued on April 20, 2001, which announced the IRS will resume the private letter ruling process for the Section 29 alternative fuels tax credit. |
