Alaska Administrative Code (Last Updated: January 12, 2017) |
Title 15. Revenue. |
Chapter 15.55. Oil and Gas Production Tax and Oil Surcharge. |
Article 15.55.3. Tax Credits. |
Section 15.55.380. Subtraction of tax credits in calculation of installment payment of estimated tax for oil and gas produced before July 1, 2007.
Latest version.
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(a) For purposes only of the (1) calculation required under AS 43.55.020(a)(2)(A), as the provisions of that subparagraph read on June 30, 2007, the amount of the tax credits that are allowed by law to be applied against the tax levied by AS 43.55.011(e), as the provisions of that subsection read on June 30, 2007, for a calendar year (A) is calculated without regard to a minimum tax under AS 43.55.011(f); and (B) does not include any amount of a tax credit that the producer transfers to another person; (2) calculations required under AS 43.55.020(a)(1) - (3), as the provisions of those paragraphs read on June 30, 2007, the amount calculated under AS 43.55.020(a)(2), as the provisions of that paragraph read on June 30, 2007, may be less than zero, but the sum of the amounts calculated under AS 43.55.020(a)(2) and (3), as the provisions of those paragraphs read on June 30, 2007, may not be less than zero; (3) installment payment required under AS 43.55.020(a)(4), as the provisions of that paragraph read on June 30, 2007, a tax credit is not deductible in calculating the amount of the payment. (b) The provision of AS 43.55.020(a)(2)(A), as that subparagraph read on June 30, 2007, prescribing a limit of 1/12 of certain tax credits does not apply to a tax credit shown on a transferable tax credit certificate that has been issued under AS 43.55.023(d) or a tax credit for which a production tax credit certificate has been issued under AS 43.55.025(f). Subject to the provision of AS 43.55.020(a)(1), as that paragraph read on June 30, 2007, that the amount of an installment payment may not be less than zero and subject to the 80 percent limitation provided under AS 43.55.023(e), in calculating the amount described in AS 43.55.020(a)(2) for a month, as the provisions of that paragraph read on June 30, 2007, a producer that owns a transferable tax credit certificate or production tax credit certificate may subtract any percentage, irrespective of whether it is equal to or greater than 1/12, of the credit that was not previously subtracted, to the extent that the credit is allowed by law to be applied against the tax levied by AS 43.55.011(e) for the calendar year. (c) If in calculating the amount of an installment payment for a month required under AS 43.55.020(a)(1), as the provisions of that paragraph read on June 30, 2007, a producer is unable to subtract the full amount of tax credits described in AS 43.55.020(a)(2)(A), as the provision of that subparagraph read on June 30, 2007, the unused amount of tax credits is not considered an overpayment, does not accrue interest, and except as provided under (b) of this section may not be carried forward to or used in calculating an installment payment for a future month. The amount of tax credits subtracted in calculating the amount of an installment payment does not affect the availability of tax credits to be applied as allowed by law against an annual tax liability under AS 43.55.011 in calculating the amount due under AS 43.55.020(a)(5), as the provisions of that paragraph read on June 30, 2007. (d) This section applies to oil and gas produced before July 1, 2007.
Authorities
43.05.080;43.55.020;43.55.110
Notes
Authority
AS 43.05.080 AS 43.55.020 AS 43.55.110History
Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192