Transferable tax credit certificates

# (a)

A producer or explorer may apply for a transferable tax credit certificate for

# (1)

a qualified capital expenditure credit under AS 43.55.023(a) or a well lease expenditure credit under AS 43.55.023( l) at any time after the expenditure in question is incurred but no more frequently than once a calendar quarter;

# (2)

a carried-forward annual loss credit under AS 43.55.023(b), as the provisions of that subsection read before January 1, 2018, for lease expenditures incurred before January 1, 2018, no earlier than January 1 of the calendar year following the calendar year in which the carried-forward annual loss in question is incurred.

# (b)

Information and documentation that the department will require a producer or explorer to provide in an application for a transferable tax credit certificate under AS 43.55.023(d) include

# (1)

the applicant's certification, under oath, that the expenditures for which the credit is claimed have been incurred, that the credit has not been used, and that the applicant is aware of no reason why the applicant does not qualify for the credit;

# (2)

a list of any authorizations for expenditure that apply to the expenditures for which the credit is claimed and copies of those authorizations;

# (3)

a schedule of the relevant expenditures incurred, identifying any applicable authorizations for expenditure and showing the accounts charged and, in the case of expenditures included in a joint interest billing, the month billed;

# (4)

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 a map or survey showing the location of the activities;

# (5)

if the relevant expenditures include costs associated with drilling a well, a

(A) copy of

(i) the Well Completion or Recompletion Report and Log (Form 10-407) filed with the Alaska Oil and Gas Conservation Commission under 20 AAC 25.070; or

(ii) a well completion report that is filed with a federal agency and that is substantially similar to the filing described in (i) of this subparagraph; or

(B) well status report, if at the time the application is made material described in

(A) of this paragraph is not yet due to be filed and has not been filed;

# (6)

if the lease or property where the exploration, development, or production activities with respect to which the relevant expenditures were incurred took place is subject to a unit operating agreement, identification of the applicable unit operating agreement;

# (7)

a list of any partners or other entities that shared in costs of which the relevant expenditures incurred by the applicant are the applicant's share;

# (8)

if the relevant expenditures are subject to joint venture audit by a participant in a joint venture, identification of and contact information for the joint interest auditor;

# (9)

for a tax credit under AS 43.55.023(a) or ( l) for an expenditure incurred in connection with geological or geophysical exploration or in connection with an exploration well,

(A) the applicant's written agreements described in AS 43.55.023(a)(2)(A) or ( l)(2)(A), as applicable; and

(B) documentation that the applicant has submitted to the Department of Natural Resources all data referred to in AS 43.55.023(a)(2)(B) or ( l)(2)(B), as applicable;

# (10)

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 any contingent liabilities that may be owed by the applicant to another party; and

# (11)

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.
(Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192; am 9/14/2012, Register 203; am 3/1/2017, Register 221; am 12/6/2018, Register 228) Statutory Authority:
Authority:
AS 43.05.080 AS 43.55.023 AS 43.55.110