Alaska Administrative Code › Title 15 - Revenue › Chapter 55 - Oil and Gas Production Tax and Oil Surcharge › Article 3 - Tax Credits › 15 AAC 55.345 - Procedures for applying certain tax credits

Current through May 31, 2024
(a) To apply a
				tax credit allowed under
				AS
				43.55.023 or
				43.55.024
				against a tax liability under
				AS
				43.55.011, a producer must file, no later
				than March 31 of the year following the calendar year for which the tax was
				levied, a claim for the tax credit in the statement described in
				AS
				43.55.030(a), setting out
				the information required by the department on a form prescribed by the
				department as part of that statement.
(b) In addition to other information required
				by the department, a claim under this section for a tax credit for a qualified
				capital expenditure under
				AS
				43.55.023(a),
				carried-forward annual loss under
				AS
				43.55.023(b), as the
				provisions of that subsection read before January 1, 2018, or well lease
				expenditure under
				AS
				43.55.023(/) must include
(1) a description and accounting of the
				expenditures for which the credit is claimed, including a summary of the types
				of expenditures and the month and calendar year each expenditure was
				incurred;
(2) a description of the
				lease or property or other land where the exploration, development, or
				production activities with respect to which the relevant expenditures were
				incurred took place, and if the producer is not the operator, identification of
				the operator;
(3) a list of any
				partners or other entities that shared in costs of which the relevant
				expenditures incurred by the producer are the producer's share, providing the
				respective shares of the partners or other entities, including the producer,
				and identifying the operator of the venture;
(4) identification of the custodians of the
				accounting records for the relevant expenditures, including the general
				ledgers, contracts, progress billings and invoices, and joint interest
				billings;
(5) if applicable, the
				producer's written
(A) agreement required
				under
				AS
				43.55.023(a)(2), as the
				provisions of that paragraph read on June 30, 2007, in the case of an
				expenditure incurred for exploration work performed before July 1,
				2008;
(B) agreements required under
				AS
				43.55.023(a)(2), as amended
				by sec. 25, ch. 1, SSSLA 2007, or
				AS
				43.55.023 (
l
)(2), and
				documentation that the producer has submitted to the Department of Natural
				Resources all data referred to
(i) in
				AS
				43.55.023(a)(2)(B), as
				amended by sec. 25, ch. 1, SSSLA 2007, in the case of a claim for a tax credit
				under
				AS
				43.55.023(a) for an
				expenditure incurred for exploration work performed after June 30,
				2008;
(ii) in
				AS
				43.55.023 (
l
)(2)(B), in the
				case of a claim for a tax credit under
				AS
				43.55.023 (
l
) for a well
				lease expenditure;
(6) in the case of a
(A) claim for a tax credit under
				AS
				43.55.023(a) for a qualified
				capital expenditure, the producer's certification that a tax credit has not
				been and is not being taken for the expenditure under,
				AS
				43.55.023 (
l
) or
				43.55.025,
				except as provided under (c) of this section;
(B) claim for a tax credit under
				AS
				43.55.023(
l
) for a well
				lease expenditure, the producer's certification that a tax credit has not been
				and is not being taken for the expenditure under
				AS
				43.55.023(a) or
				43.55.025,
				except as provided under (c) of this section;.
(7) copies of the applicant's most recent
				audited financial statements, including the auditor's opinion, notes to the
				audited financial statements, and information related to anv contingent
				liabilities that may be owed by the applicant to another party; and
(8) any unresolved notices of violations,
				liens filed, or notices of assessment of or liability for tax, interest,
				penalty, fee, rental, royalty or other charge of any kind issued to the
				applicant related to an applicant's oil or gas exploration, development, or
				production in the state.