(a) The oil and gas tax credit fund is established as a separate fund of the state. The purpose of the fund is to purchase transferable tax credit certificates issued under AS 43.55.023 and production tax credit certificates issued under AS 43.55.025 and to pay refunds and payments claimed under AS 43.20.046 , 43.20.047, or 43.20.053.
(b) The oil and gas tax credit fund consists of
(1) money appropriated to the fund, including any appropriation of the percentage provided under (c) of this section of all revenue from taxes levied by AS 43.55.011 that is not required to be deposited in the constitutional budget reserve fund established in art. IX, sec. 17(a), Constitution of the State of Alaska; and
(2) earnings on the fund.
(c) The applicable percentage for a fiscal year under (b)(1) of this section is determined with reference to the average price or value forecast by the department for Alaska North Slope oil sold or otherwise disposed of on the United States West Coast during the fiscal year for which the appropriation of revenue from taxes levied by AS 43.55.011 is made. If that forecast is
(1) $60 a barrel or higher, the applicable percentage is 10 percent;
(2) less than $60 a barrel, the applicable percentage is 15 percent.
(d) The department shall manage the fund.
(e) The department, on the written application of a person to whom a transferable tax credit certificate has been issued under AS 43.55.023(d) or former AS 43.55.023 (m) or to whom a production tax credit certificate has been issued under AS 43.55.025 (f), may use available money in the oil and gas tax credit fund to purchase, in whole or in part, the certificate if the department finds that
(1) the calendar year of the purchase is not earlier than the first calendar year for which the credit shown on the certificate would otherwise be allowed to be applied against a tax;
(2) the applicant does not have an outstanding liability to the state for unpaid delinquent taxes under this title;
(3) the applicant's total tax liability under AS 43.55.011 (e), after application of all available tax credits, for the calendar year in which the application is made is zero;
(4) the applicant's average daily production of oil and gas taxable under AS 43.55.011 (e) during the calendar year preceding the calendar year in which the application is made was not more than 50,000 BTU equivalent barrels; and
(5) the purchase is consistent with this section and regulations adopted under this section.
(f) Money in the fund remaining at the end of a fiscal year does not lapse and remains available for expenditure in successive fiscal years.
(g) The department may adopt regulations to carry out the purposes of this section, including standards and procedures to allocate available money among applications for purchases under this chapter and claims for refunds and payments under AS 43.20.046 , 43.20.047, or 43.20.053 when the total amount of the applications for purchase and claims for refund exceed the amount of available money in the fund. The regulations adopted by the department may not, when allocating available money in the fund under this section, distinguish an application for the purchase of a credit certificate issued under former AS 43.55.023 (m) or a claim for a refund or payment under AS 43.20.046, 43.20.047, or 43.20.053.
(h) Nothing in this section creates a dedicated fund.
(i) In this section, "qualified capital expenditure" has the meaning given in AS 43.55.023 .
Section: Previous 43.55.018 43.55.019 43.55.020 43.55.021 43.55.023 43.55.024 43.55.025 43.55.028 43.55.029 43.55.030 43.55.040 43.55.050 43.55.060 43.55.070 43.55.075 NextLast modified: November 15, 2016