Bulletin No. 2003-28 July 14, 2003

Notice 2003–43, page 50. 2003 enhanced oil recovery credit. The enhanced oil recovery credit for taxable years beginning in the 2003 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

Notice 2003–44, page 52. 2003 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2003 calendar year.

Rev. Proc. 2003–47, page 55. This procedure provides new procedural rules regarding the election under section 953(d) of the Code, whereby certain foreign insurance companies may elect to be treated as domestic corporations for U.S. tax purposes. These rules reflect changes in the administration of the election and replace the procedural rules contained in Section II of Notice 89–79, 1989–2 C.B. 392. Notice 89–79 modified and superseded.

Announcement 2003–45, page 73. This announcement advises payers about a reduction in the backup withholding rate authorized by section 3406(a)(1) of the Code. Section 105(a) of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Public Law 108–27) reduced the rate for backup witholding on reportable payments. This announcement also addresses when tax forms and publications will be revised to reflect the new rates.

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