Internal Revenue Bulletin:  2006-18 

May 1, 2006 

INCOME TAX


Notice 2006-40 Notice 2006-40

This notice sets forth interim guidance, pending the issuance of regulations, relating to the credit under section 45J of the Code for production of electricity at advanced nuclear power facilities. Specifically, this notice explains the method that will be used to allocate the national megawatt capacity limitation that limits the allowable credit and prescribes the application process by which taxpayers may request an allocation of the national megawatt capacity limitation. This notice also provides guidance on the requirement that the electricity be sold to an unrelated person and on the effect of grants, tax-exempt bonds, subsidized energy financing, and other credits.

Notice 2006-41 Notice 2006-41

This notice provides guidance with respect to the information reporting requirements applicable to Gulf Opportunity Zone Bonds, Gulf Opportunity Zone Advance Refunding Bonds, and Gulf Tax Credit Bonds. In addition, the notice provides other guidance with respect to Gulf Tax Credit Bonds including guidance to issuers of Gulf Tax Credit Bonds with respect to the credit rate and arbitrage requirements and guidance to holders of Gulf Tax Credit Bonds with respect to the treatment of the credit for income tax purposes.


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