The Internal Revenue Bulletin 2024-27, issued on July 1, 2024, includes Notice 2024-52. This notice sets the reference price at $2.04 per 1,000 cubic feet (mcf) for calculating the marginal well production credit (MWC) under section 45I for eligible natural gas production from qualified marginal wells for tax years starting in 2024.
Additionally, Notice 2024-52 specifies that the credit amount for determining the MWC for tax years starting in 2024 is calculated using an inflation adjustment factor of 1.5447 and the reference price of $2.04 per MCF. This results in a credit amount of $0.77 per mcf for tax years beginning in 2024 for the first 18 mcf of daily production. Complete information can be found here.
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