(a) The following are exempt from local taxes levied or authorized under AS 43.56.010 (b):
(1) property rights attached to or inherent in the right to explore for or produce oil or gas;
(2) oil or gas leases or properties, whether producing or not;
(3) oil or gas in place;
(4) oil or gas produced or extracted in the state;
(5) the value of intangible drilling expenses and exploration expenses;
(6) an interest in property described in AS 43.55.017 (a).
(b) There is exempt from state taxes levied or authorized under AS 43.56.010 (a), before the construction commencement date, property that is committed by contract or other agreement for use in this state primarily for the production or pipeline transportation of gas or unrefined oil, or in the operation or maintenance of facilities for the production or pipeline transportation of gas or unrefined oil.
(c) In (a)(2) of this section, "properties" means mineral interests in oil and gas and working interests, royalty interests, and overriding royalty interests in oil and gas leases.
(d) Taxable property of a natural gas pipeline project owned or financed by the Alaska Gasline Development Corporation or a joint venture, partnership, or other entity that includes the Alaska Gasline Development Corporation is exempt from state taxes levied or authorized under AS 43.56.010 (a) and municipal taxes levied or authorized under AS 43.56.010(b) before the commencement of commercial operations of that natural gas pipeline project. In this subsection, "commencement of commercial operations" means the first flow of natural gas in the project that generates revenue to the owners of the natural gas pipeline project.
Section: Previous 43.56.010 43.56.018 43.56.019 43.56.020 43.56.030 43.56.040 43.56.050 43.56.060 43.56.070 43.56.080 43.56.090 43.56.100 43.56.110 43.56.120 43.56.130 NextLast modified: November 15, 2016