Modvat credit eligibility clarified: processing tools excluded while consumable furnace inputs qualify for credit. Clarification distinguishes qualifying consumable metallurgical inputs from non-qualifying tools, moulds and maintenance items for Modvat credit. Burnt lime, coke dust and fluorspar qualify as inputs charged into the furnace; Tungsten Carbide Tips, Grinding Wheels, Ingot Moulds, Bottom Plates, Lancing Pipes, Refractory Bricks and D.B. Dolomite do not. Thermocouple tips qualify only if incorporated into the finished product, and prepared binders and resins qualify for credit only when used in the manufacture of dutiable moulds, not when used for furnace maintenance or exempt moulds.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit eligibility clarified: processing tools excluded while consumable furnace inputs qualify for credit.
Clarification distinguishes qualifying consumable metallurgical inputs from non-qualifying tools, moulds and maintenance items for Modvat credit. Burnt lime, coke dust and fluorspar qualify as inputs charged into the furnace; Tungsten Carbide Tips, Grinding Wheels, Ingot Moulds, Bottom Plates, Lancing Pipes, Refractory Bricks and D.B. Dolomite do not. Thermocouple tips qualify only if incorporated into the finished product, and prepared binders and resins qualify for credit only when used in the manufacture of dutiable moulds, not when used for furnace maintenance or exempt moulds.
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