Last week, a group of U.S. Senators submitted a letter requesting swift clarification by the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) of language regarding the wind production tax credit (“PTC”) under Internal Revenue Code Section 45 (“Section 45”). The letter addressed the recent change in the Section 45 language that was added when the PTC was extended for a year by the American Taxpayer Relief Act of 2012 (“Taxpayer Relief Act”).
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Marcellus Shale Gas: When Will New York State Cash In?
By David P. Flynn on
Posted in Natural Resources
Today there is much interest, pro and con, swirling around the prospects for the development of New York’s Marcellus Shale gas reserves. These reserves, which some estimate at well over one trillion cubic feet in New York alone, may provide a significant revenue source for a state that is burdened with a multi-billion dollar budget gap for the coming budget year, and perhaps several years to follow.
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