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 Will increased taxes on the oil industry hurt or help Alaska’s economy? 


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By Washington Monument in Washington D.C.
(March - 2005)

Alaska State Legislature
24th Alaska State Legislature
The 24th Alaska State Legislature
Alaska State Representative Vic Kohring
Sponsor Statement

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Session:
State Capitol, Room 24
Juneau, AK 99801-1182
Phone: (907) 465-2186
Fax: (907) 465-3818
District 14 Area Only Toll Free:
(800) 468-2186
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Interim:
600 E. Railroad Ave.
Wasilla, AK 99654
Phone: (907) 373-1842
Fax: (907) 373-4729

716 W. 4th, Suite 680
Anchorage, AK 99501
Phone: (907) 269-0153
Fax: (907) 269-0154

Extend North Slope Severance Tax Credit
Sponsor Statement for House Bill 386
Alaska State Legislature
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Attachments Attachments

 
Released:
March 7, 2006
Updated:
February 19, 2012


"An Act making uniform throughout the state the deadline for certain exploration expenditures used as credits against the production tax on oil and gas produced from a lease or property in the state by extending to July 1, 2010, the deadline for those expenditures on leases or properties located north of 68 degrees, 15 minutes, North latitude. "


 

House Bill 386 is a bill relating to a credit for certain exploration expenses against oil and gas properties production taxes on oil and gas produced from a lease or property in the state and relating to the deadline for certain exploration expenditures used as credits against production tax on oil and gas produced from a lease or property in the Alaska.

House Bill 386 would extend the exploration credit incentives to 2010 and encourage exploration in Alaska and in particular the North Slope HB 386 would make AS 43.55.025 uniform thorough out the state. This allows oil producers to credit exploration expenditures against production tax on oil and gas produced after July 1, 2004.

In order to qualify for the production tax credit under that statute, exploration expenditures must be incurred on or after July 1, 2003, and before July 1, 2007. It has become apparent that the July 1, 2007, deadline will come too soon for some smaller independent oil companies that are now planning their exploration dollars for the future. Given this timetable, it is likely that exploration expenditures on these leases would occur after July 1, 2007, in which case they could not be credited against future production taxes.

# # #

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version [PDF - 1 page - 9 KB]
· Complete Bill Text for HB 386


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