The bulletin included notices that establish the following: marginal property depletion rate for 2021 as 15% under Internal Revenue Code Section Section 613A(c)(6)(C)
; reference prices for the enhanced oil recovery under IRC Section 43 and marginal well production credits for 2020 under IRC Section 45I ; and the depletion percentage for oil and natural gas from marginal property.Additionally, the bulletin included an announcement indicating that taxpayers who received a Paycheck Protection Program loan and didn't take deductions between March and December 2020 that, based on guidance from the U.S. Department of the Treasury, they believed would result in loan forgiveness don't have to amend their 2020 tax filings. Instead they can claim the deductions on the following return.
The bulletin also provided new percentages for health care tax credits under IRC Section 36B
, and information on changes made by the American Rescue Plan Act to inflation adjustment amounts for the child tax credit and earned income tax credit for 2021.--Editing by John Oudens.
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