Section 15.55.351. Alternative tax credit for exploration expenditures for work performed after June 30, 2008, and for certain seismic exploration work performed before July 1, 2003.

	(a)  An explorer may request an alternative oil and gas exploration tax credit under AS 43.55.025 by filing an application with the department (1) no later than six months after completion of the exploration activity for which the tax credit is claimed; or (2) in the case of seismic exploration performed before July 1, 2003, at any time before January 1, 2016. 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 purposes of AS 43.55.025(c)(2)(B), the distance between the bottom hole locations of two wells is measured as the horizontal distance between the surface location directly above the bottom hole location of each well.  
	(c)  For purposes of AS 43.55.025(d)(2), the distance between an exploration well and the outer boundary of a unit is measured as the horizontal distance between the surface location directly above the bottom hole location of the well and the nearest point on the outer boundary of the unit.  
	(d)  This section applies to exploration expenditures for work performed after June 30, 2008 and before July 1, 2016, and to seismic exploration expenditures for work performed before July 1, 2003.  

Authorities

43.05.080;43.55.025;43.55.110

Notes

Reference

15 AAC 55.356

Authority

AS 43.05.080 AS 43.55.025 AS 43.55.110

History

Eff. 12/25/2009, Register 192