Section 15.55.510. Installment payments of estimated tax for oil and gas produced before July 1, 2007.

	(a)  If a limitation under AS 43.55.011(j) or (k) on the tax levied by AS 43.55.011(e) and (g), as the provisions of those subsections read on June 30, 2007, has the effect of reducing a producer's tax for a calendar year for oil or gas produced before July 1, 2007, from a lease or property in the Cook Inlet sedimentary basin below the amount of tax that would be levied in the absence of that limitation, the calculation of the amount of the producer's installment payment required by AS 43.55.020(a)(1) - (3), as the provisions of those paragraphs read on June 30, 2007, for each month of the calendar year is modified in the manner set out in (b) - (d) of this section.  
	(b)  The production tax value of oil and gas for which the producer's tax is reduced as described in (a) of this section is excluded from the calculations described in AS 43.55.020(a)(2)(B) and (3), as the provisions of that subparagraph and paragraph read on June 30, 2007.  
	(c)  For each lease or property for which the producer's tax for gas is reduced as described in (a) of this section, the following amount is added to the amount calculated for each month under AS 43.55.020(a)(2)(B), as the provisions of that subparagraph read on June 30, 2007: the product obtained by carrying out the calculation set out in AS 43.55.011(j)(1) or (2), as applicable, but substituting in AS 43.55.011(j)(1)(A) or (2)(A), as applicable, the amount of taxable gas produced during the month for the amount of taxable gas produced during the calendar year.  
	(d)  For each lease or property for which the producer's tax for oil is reduced as described in (a) of this section, the following amount is added to the amount calculated for each month under AS 43.55.020(a)(2)(B), as the provisions of that subparagraph read on June 30, 2007: the product obtained by carrying out the calculation set out in AS 43.55.011(k)(1) or (2), as applicable, but substituting in AS 43.55.011(k)(1)(A) or (2)(A), as applicable, the amount of taxable oil produced during the month for the amount of taxable oil produced during the calendar year.  
	(e)  This section applies to oil and gas produced before July 1, 2007.  

Authorities

43.05.080;43.55.011;43.55.020;43.55.110

Notes

Reference

15 AAC 55.800

Authority

AS 43.05.080 AS 43.55.011 AS 43.55.020 AS 43.55.110

History

Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192