IRS Sets 2013 Inflation Factor for Carbon Storage

WASHINGTON, D.C.—The Internal Revenue Service on May 14 released Notice 2013-34 , which publishes the inflation adjustment factor for the credit for carbon dioxide sequestration under tax code Section 45Q for calendar year 2013.

IRS said the inflation adjustment factor for calendar year 2013 is 1.0626. The Section 45Q credit for calendar year 2013 is $21.25 per metric ton of qualified carbon dioxide under Section 45Q(a)(1) and $10.63 per metric ton of qualified carbon dioxide under Section 45Q(a)(2).