SECTION 1. PURPOSE

Section 48B of the Internal Revenue Code, as originally enacted by section 1307(b) of the Energy Policy Act of 2005, Pub. L. 109–58, 119 Stat. 1004 (August 8, 2005), provided for the first phase of the qualifying gasification project program and authorized $350 million of credits (“the § 48B Phase I program” and “§ 48B Phase I credits”). Section 48B, as amended by section 112 of the Energy Improvement and Extension Act of 2008, Pub. L. 110–343, 122 Stat. 3824 (October 3, 2008), provided for a second phase of the qualifying gasification project program and authorized an additional $250 million of credits (“the § 48B Phase II program” and “§ 48B Phase II credits”).

This notice establishes a third phase of the qualifying gasification project program (“the § 48B Phase III program”) to reallocate the § 48B Phase I credits that are available for allocation after the conclusion of the § 48B Phase I program. The procedures in this notice apply only to § 48B Phase I credits that were forfeited and are available for reallocation as § 48B Phase III credits.

To be considered in the § 48B Phase III allocation round, applications must be submitted to the Department of Energy (“DOE”) and to the Internal Revenue Service (“Service”) on or before March 2, 2015. See section 5 of this notice for additional rules regarding these applications.