IRS has officially announced the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2009 calendar year.  The IRS  Notice 2009-73 also contains the previously published figures for taxable years beginning in the 1991 through 2008 calendar years.

The notice contains a major update on Oil Recovery Tax Credit. The enhanced oil recovery credit under § 43 for
any taxable year is reduced if the “reference price,” determined under § 45K(d)(2)(C), for the calendar year preceding the calendar year in which the taxable year begins is greater than $28 multiplied by the inflation adjustment factor for that year.

The credit is phased out in any taxable year in which the reference price for the preceding calendar year exceeds $28 (as adjusted) by at least $6.