INTERIOR: NO ROYALTY PAYMENTS DUE ON TAX CREDITS

The U.S. Interior Department has decided gas producers do not owe royalties on the value of Section 29 tax credits, which are available for gas produced from coal seams and tight formations. Interior's solicitor's office told the Minerals Management Service an audit report by Interior's inspector general last August, which criticized MMS for failing to collect $70 million in royalties on Section 29 credits, was based on an incorrect interpretation of the law.

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