Notice 2024-61, page 520.

The notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2024 calendar year. The format of the notice is identical to the format of previously published notices on this issue. The notice concludes that because the reference price for the 2023 calendar year ($76.10) exceeds $28 multiplied by the inflation adjustment factor for the 2024 calendar year ($28 multiplied by 2.0615 = $57.72) by $18.38, the enhanced oil recovery credit for qualified costs paid or incurred in 2024 is phased-out completely.

T.D. 9998, page 412. The final regulations provide the rules for taxpayers satisfying the prevailing wage and registered apprenticeship requirements to qualify for increased credit or deduction amounts under the Internal Revenue Code. The final regulations provide guidance regarding correction and penalty procedures that allow taxpayers who initially fail to satisfy the prevailing wage and apprenticeship requirements to claim the increased credit or deduction amounts. The final regulations also address specific prevailing wage and apprenticeship recordkeeping and reporting requirements. Published: TD 9998 [June 25, 2024].