International Paper Receives Alternative Fuel Refund from IRS
March 24, 2009 - International Paper said that it is updating information related to alternative fuel credits previously disclosed in the company's 2008 Form 10-K. The U.S. Internal Revenue Code allows an excise tax credit for alternative fuel mixtures produced by a taxpayer for sale, or for use as a fuel in a taxpayer's trade or business.
In January 2009, IP was notified that its registration as an alternative fuel mixer was approved. On March 20, 2009, the company received its first check from the Internal Revenue Service in the amount of $71.6 million related to an alternative fuel mixture produced and used at 15 of its mills for the period of November 14 to December 14, 2008.
IP said that it will continue to submit refund claims based on actual mill production and use of an alternative fuel mixture and will provide investors with information relating to future credits during its regular quarterly earnings calls.
SOURCE: International Paper Company