Section 15.55.350. Alternative tax credit for exploration expenditures for work performed after June 30, 2003, and before July 1, 2008.

	(a)  An explorer may request an alternative oil and gas exploration tax credit under AS 43.55.025, as the provisions of that section read on June 30, 2008, by filing an application with the department no later than six months after the completion date of the exploration activity for which the tax credit is claimed. For a tax credit that the applicant wishes to use for a previous calendar year, as provided under 15 AAC 55.370(c), an application may be filed with the statement filed under AS 43.55.030(a) for that calendar year.  
	(b)  For a particular exploration well, an explorer may claim a tax credit of  
		(1) 20 percent of exploration expenditures,  
			(A) if those expenditures qualify under AS 43.55.025(b) and (c), as the provisions of those subsections read on June 30, 2008; and  
			(B) regardless of whether the well is less than 25 miles from an existing unit that is under a plan of development;  
		(2) 20 percent of exploration expenditures,  
			(A) if those expenditures qualify under AS 43.55.025(b) and (d), as the provisions of those subsections read on June 30, 2008; and  
			(B) regardless of whether the bottom hole of the exploration well is less than three miles away from the bottom hole of a preexisting suspended, completed, or abandoned oil or gas well, as the term "preexisting" was defined in AS 43.55.025(c)(2)(A) on June 30, 2008; or  
		(3) 40 percent of exploration expenditures, if those expenditures qualify under AS 43.55.025(b), (c), and (d), as the provisions of those subsections read on June 30, 2008.  
	(c)  For a particular seismic or geophysical exploration activity, an explorer may claim a tax credit of 40 percent of exploration expenditures, if those expenditures qualify under AS 43.55.025(b) and (e), as the provisions of those subsections read on June 30, 2008.  
	(d)  This section applies to exploration expenditures for work performed after June 30, 2003, and before July 1, 2008.  

Authorities

43.05.080;43.55.025;43.55.110

Notes

Authority

AS 43.05.080 AS 43.55.025 AS 43.55.110 Editor's note: The subject matter of 15 AAC 55.350 was formerly located at 15 AAC 55.220. The history note for 15 AAC 55.350 does not reflect the history of the earlier section.

History

Eff. 5/3/2007, Register 182; am 12/25/2009, Register 192

References

15.55.350;15.55.220