Alaska Administrative Code › Title 15 - Revenue › Chapter 55 - Oil and Gas Production Tax and Oil Surcharge › Article 5 - Payments and Reporting › 15 AAC 55.525 - Cash purchases of tax credit certificates

Current through May 31, 2024
(a) For
				applications to purchase tax credit certificates received by the department
				before January 1, 2017 the department Will first determine if there is enough
				money in the oil and gas tax credit fund to purchase the outstanding
				certificates. If the total amount of applications for purchases of tax credit
				certificates received by the department before January 1, 2017 for which
				applicants qualify at any time under
				AS
				43.55.028(e) exceeds the
				amount of available money in the oil and gas tax credit fund, the department
				will allocate funds proportionally between those applicants based on the
				balance of tax credit certificates requested for purchase on applications
				outstanding as of December 31, 2016. If the applicant or claimant has an
				outstanding liability to the state for unpaid delinquent taxes under this
				title, the department may reduce the cash purchase by the amount of the
				outstanding liability.
(b) For
				applications to purchase tax credit certificates received by the department on
				and after January 1, 2017 the department will first determine if there is
				enough money in the oil and gas tax credit fund to purchase the outstanding
				certificates. If the total amount applied for in applications for purchases of
				tax credit certificates received by the department on and after January 1,
				2017, for which applicants qualify at any time under
				AS
				43.55.028(e) exceeds the
				amount of available money in the oil and gas tax credit fund, the department
				will allocate funds on an annual basis by granting a preference between two or
				more applicants to the applicant with the higher percentage of resident workers
				as provided in subsection (f). Subject to the availability of funds in the oil
				and gas tax credit fund
and
the provisions of
				AS
				43.55.028(e) and (g), and
				the limitations of this section, when allocating funds between applicants the
				department will
(1) first, process and
				determine the eligibility of applications for the purchase of tax credit
				certificates on an annual basis;
(2) second, determine the amount of tax
				credit certificates to be purchased as calculated under paragraph (c) of this
				section from the applicant with the highest percentage of resident workers
				before purchasing any amount of tax credit certificates from an applicant with
				a lower percentage of resident workers. If two or more applicants have the same
				percentage, rounded to the nearest whole percent, of resident workers, the
				department will pay available funds to those applicants on a pro-rata basis;
(3) third, after the department
				has made a final determination of the amount of funds to be allocated for the
				purchase of tax credit certificates the director of the tax division will send
				a notice to each applicant detailing the amount of the application that has
				been approved for purchase and also make the same information available to the
				public in accordance with
				AS
				43.05.230(
/
)and
				15 AAC 05.250;