Notice 2023-57, page 560.
Internal Revenue Bulletin 2023-34 · 2026-10-03 edition · updated 2026-10-04 · United States
The notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2023 calendar year. The format of the notice is identical to the format of previously published
Finding Lists begin on page ii.
notices on this issue. The notice concludes that because the reference price for the 2022 calendar year ($93.97) exceeds $28 multiplied by the inflation adjustment factor for the 2023 calendar year ($28 multiplied by 1.9998 = $55.99) by $37.98, the enhanced oil recovery credit for qualified costs paid or incurred in 2023 is phased-out completely.
Get a plain-English answer with a citation back to this text.
Ask AI about this code