Opinion ID: 2524427
Heading Depth: 4
Heading Rank: 1

Heading: Alaska Statute 43.56: oil and gas exploration, production and pipeline transportation property taxes

Text: Alaska Statute 43.56, found within the state's revenue and taxation title, addresses the taxation of oil and gas property. [4] This statute authorizes both the state and municipalities to tax oil and gas property for their operating budgets. Specifically, AS 43.56.010(a) authorizes the state to levy an annual twenty mill tax on the full and true value of oil and gas property (43.56 property); AS 43.56.010(b) requires municipalities to tax 43.56 property at the same rate that they apply to other taxable property; AS 43.56.010(c) provides that the Department of Revenue (Department) shall designate the portion of the tax base against which the local tax may be applied in cases where the total value of assessed property in a municipality exceeds the limit imposed by AS 29.45.080(c); and AS 43.56.010(d) provides that oil and gas taxpayers who pay municipal taxes under AS 29.45.080 shall receive a state tax credit for the amount of municipal taxes they pay.