Section 15.55.410. Tax on production tax value of oil and gas.

	(a)  The tax levied by AS 43.55.011(e) is levied for a calendar year for all taxable oil and gas produced during all months of the calendar year.  
	(b)  The comparison provided under AS 43.55.011(e), as the provisions of that subsection read on June 30, 2007, between 22.5 percent of the production tax value of a producer's taxable oil and gas and the minimum tax determined under AS 43.55.011(f), as the provisions of that subsection read on June 30, 2007,  applies only to oil and gas produced before July 1, 2007, from leases or properties in the state north of 68 degrees North latitude. Except as otherwise provided under AS 43.55.011(j) and (k), the tax levied by AS 43.55.011(e), as the provisions of that subsection read on June 30, 2007, for the rest of the producer's taxable oil and gas produced before July 1, 2007, is equal to 22.5 percent of the production tax value of that oil and gas as calculated under AS 43.55.160, as the provisions of that section read on June 30, 2007, irrespective of whether the minimum tax determined under AS 43.55.011(f), as the provisions of that subsection read on June 30, 2007, is greater than 22.5 percent of the production tax value of the producer's taxable oil and gas produced from leases or properties in the state north of 68 degrees North latitude.  
	(c)  AS 43.55.011(e)(1) applies to oil and gas produced before January 1, 2014. AS 43.55.011(e)(2) applies to oil and gas produced after December 31, 2013.  

Authorities

43.05.080;43.55.011;43.55.110

Notes

Reference

15 AAC 55.800

Authority

AS 43.05.080 AS 43.55.011 AS 43.55.110

History

Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192; am 12/25/2013, Register 208