Section 15.55.305. Application of tax credits.

	(a)  A producer may apply a tax credit as allowed by law only against the specified type of tax liability. A producer may not apply a tax credit against a penalty or interest.  
	(b)  If a provision of AS 43.55,  as that chapter read on June 30, 2007, or this chapter refers to application of a tax credit against a tax liability under AS 43.55.011(e) but not also AS 43.55.011(f), the tax credit may not be applied against the minimum tax for oil and gas produced before July 1, 2007, from leases or properties in the state north of 68 degrees North latitude determined under AS 43.55.011(f), as that subsection read on June 30, 2007. Nothing in this subsection prevents a producer from applying a tax credit based on a lease expenditure applicable to oil and gas produced from those leases or properties against a tax on oil or gas produced from leases or properties elsewhere in the state.  

Authorities

43.05.080;43.55.011;43.55.023;43.55.024;43.55.025;43.55.110

Notes

Authority

AS 43.05.080 AS 43.55.011 AS 43.55.023 AS 43.55.024 AS 43.55.025 AS 43.55.110

History

Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192