Section 15.55.420. Minimum tax for oil and gas produced before July 1, 2007.

	(a)  For purposes of AS 43.55.011(e), as the provisions of that subsection read on June 30, 2007, a producer's minimum tax for a calendar year determined under AS 43.55.011(f), as the provisions of that subsection read on June 30, 2007, on oil and gas produced before July 1, 2007, from leases or properties in the state north of 68 degrees North latitude is the amount calculated by  
		(1) calculating the applicable percentage under AS 43.55.011(f), as the provisions of that subsection read on June 30, 2007,  of the gross value at the point of production of all oil and gas produced by the producer during the calendar year from leases or properties in the state north of 68 degrees North latitude, excluding only oil and gas the ownership or right to which is exempt from taxation; and  
		(2) subtracting, from the amount calculated under (1) of this subsection, the sum of  
			(A) the tax, if any, levied by AS 43.55.011(g), as the provisions of that subsection read on June 30, 2007, for oil and gas produced by the producer during the calendar year from leases or properties in the state north of 68 degrees North latitude and taxable under AS 43.55.011(g), as the provisions of that subsection read on June 30, 2007; and  
			(B) the tax, if any, levied by AS 43.55.011(i) for oil and gas produced by the producer during the calendar year from leases or properties in the state north of 68 degrees North latitude and taxable under AS 43.55.011(i).  
	(b)  A producer's minimum tax calculated under AS 43.55.011(f) and (a) of this section may not be less than zero.  
	(c)  For purposes of AS 43.55.011(f), the average price per barrel for ANS for sale on the United States West Coast during a calendar year is equal to the simple average of the average spot prices for ANS at the United States West Coast during all months of the calendar year as calculated under 15 AAC 55.171(m).  
	(d)  This section applies to oil and gas produced before July 1, 2007.  

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