Section 29 Tax Credit

Gas and synthetic fuels derived from non conventional sources such as shale tar sands coal seams and geopressured brine.

Section 29 tax credit. 29 a 1 3 multiplied by. These credits are generally packaged and sold by syndicators through limited partnerships and other channels. Section 29 tax credits means the tax credits under section 29 of the code attributable to whiting s and whiting subs activities during the taxable year ending on december 31 2002 that were not utilized in the alliant energy group s consolidated u s.

29 a allowance of credit there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to i r c. They are legitimate if the syndicator is legitimate. The legislation states that in this respect tax credit overpayments are to be treated the same as underpayments of tax.

The amount of such section 29 tax credits is approximately 4 350 000 such amount is subject to the adjustment by the irs or otherwise. Grindinger matthew shanahan coalbed gas development 1992 twelve years ago congress passed and the administration signed into law an income tax credit which impacts the development of domestic energy reserves 1 during the period of its existence the section 29 credit has stimulated increased production of gas from coal seams devonian shale and tight formations 2 there has not been an equivalent surge in production of oil from tar sands and shale due to the ambiguity caused. Icf suggests how section 29 tax.

A tax credit for the domestic production of oil. Corporation income tax return for taxable year 2002. Tax credits act 2002 section 29 where an overpayment is liable to be repaid by a person or persons the commissioners for hm revenue customs must give notice to that person or each of them.

Section 29 tax credit act 2002 has always contained a provision allowing hmrc to recover tax credit overpayments by adjusting the person s tax code.