Debt Consolidation And Credit The Internal Revenue Service is moving closer to a decision on how it will allow producers of coal-based synthetic fuel to continue to qualify for tax credits totaling billions of dollars.
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Check Credit Rating Yesterday, lawyers for several synthetic fuel producers met with Emily Parker, the I.R.S.'s acting chief counsel, and urged her to quickly resolve its questions about the industry, according to several people who were briefed on the meeting. They said that lawyers had made progress but declined to be more specific.
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Improve Credit Rating The meeting is a sign that the I.R.S. is making halting progress in resolving its concerns. Synthetic fuel producers are anxiously waiting for the agency to affirm or amend its position on what they must do to earn the lucrative credits. The I.R.S. has raised concerns about synthetic fuel production at least twice in recent years but ultimately backed down.
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Credit Online Rating Report The industry has been operating in a climate of uncertainty since June, when the I.R.S. said it was questioning the scientific validity of independent tests submitted by producers as a basis for claiming the tax credits, which expire in 2007.
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Credit Score Rating Scale The agency, which said then that it might revoke some past credits or alter the terms of future ones, also suspended issuing private letter rulings to producers, who use the letters as unofficial confirmation of their eligibility for the credits. The I.R.S. inquiry has since been expanded to include whether producers are complying with the rules by operating plants put into service before July 1, 1998, and by selling their output to independent third parties.
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Bad Card Credit Credit People If the I.R.S. decides to rescind any of the credits, it could force some synthetic fuel producers which include big Florida utilities and large corporations like the American International Group, General Electric and Marriott International to reduce earnings forecasts or even restate published earnings by perhaps hundreds of millions of dollars. The fuel producers are hoping that the I.R.S. will resume issuing private letter rulings.
Free Credit Rating Report Yesterday's meeting focused on arcane matters of chemistry, according to the people who were briefed on it. Lawyers tried to cast doubt on the scientific testing procedures used by the I.R.S. in its recent audits of certain producers, including the leading producer, Progress Energy of Raleigh, N.C.
Credit Rating Scale In an unusual move, one synthetic fuel producer shared with lawyers who were representing other producers the results of its recent I.R.S. audit, according to the people briefed on the meeting. It did so to bolster the industry's position that the I.R.S. was not using good science to determine whether synthetic fuel producers were indeed effecting significant chemical changes.
Bad Credit Rating The people briefed on the meeting declined to name the producer, but there has been speculation in the industry in recent weeks that it is Progress Energy.
Credit Rating Agency A spokesman for Progress Energy, Keith Poston, declined to comment but said "we're still hopeful something will be resolved by the end of the year on the issue of chemical change."
Credit Rating Canada Through June, Progress had generated just over $1 billion in credits since entering the synthetic fuel business in 1998. Progress has used $447 million of that to reduce its corporate tax bill, and carried the rest forward, Mr. Poston said.
Bad Credit Mortgage Rating Terry Lemons, senior spokesman for the I.R.S., declined to comment on yesterday's meeting, but said that Mark W. Everson, the I.R.S. commissioner, "has indicated that he is hopeful this matter will be resolved in the near future."
Good Credit Rating In what a senior industry consultant yesterday called "a battle of the experts," each side had chemists promote its favored testing procedure as the most effective in determining significant chemical change.
Credit Score Rating Chart Mr. Lemons did not provide any details, citing matters of confidentiality.
Credit Mortgage Rating Poor The I.R.S. inquiry has caused some synthetic fuel producers, like DTE Energy of Detroit, to reduce output and others, like TECO Energy of Tampa, to see their debt ratings downgraded.
Good Credit Rating Score Under a provision of 1980 federal legislation known as Section 29, companies that own all or part of a synthetic fuel plant can claim a tax credit of about $26 a ton of fuel produced roughly the price of a ton of coal. Without the tax credits, synthetic fuel plants lose money.
Poor Credit Rating Loan The law was intended to help lessen American dependence on foreign oil and turn waste coal into usable energy. But that proved costly, leading producers to take regular coal, mix it with latex, pine tar or diesel, and claim the credit. The producers say they are doing what the regulation allows, while critics maintain that the credit is corporate welfare because producers do nothing to improve coal already usable in the first place.
Bank Credit Rating By Lynnley Browning
New York Times - 10/21/2003
Topic: Petroleum Industry
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