Alaska Administrative Code — Title 15 (Revenue)

15 AAC 55.351

Alternative tax credit for exploration expenditures for work

Official textakleg.govlast amended Jan 01, 2018

performed after June 30, 2008, and for certain seismic exploration work performed before July 1, 2003.

# (a)

An explorer may request an alternative oil and gas exploration tax credit under AS 43.55.025 by filing an application with the department (1) no later than six months after completion of the exploration activity for which the tax credit is claimed; or (2) in the case of seismic exploration performed before July 1, 2003, at any time before January 1, 2016. For a tax credit that the applicant wishes to use for a previous calendar year, as provided under 15 AAC 55.370(c), an application may be filed with the statement filed under AS 43.55.030(a) for that calendar year.

# (b)

For purposes of AS 43.55.025(c)(2)(B), the distance between the bottom hole locations of two wells is measured as the horizontal distance between the surface location directly above the bottom hole location of each well.

# (c)

For purposes of AS 43.55.025(d)(2), the distance between an exploration well and the outer boundary of a unit is measured as the horizontal distance between the surface location directly above the bottom hole location of the well and the nearest point on the outer boundary of the unit.

# (d)

This section applies to exploration expenditures for work performed after June 30, 2008 and before July 1, 2016, and to seismic exploration expenditures for work performed before July 1, 2003, except that exploration expenditures for work conducted outside of the Cook Inlet sedimentary basin and south of 68 degrees North latitude must be incurred for work performed

# (1)

after June 30, 2008 and before January 1, 2022 for a tax credit under AS
43.55.025(a)(1), (2), or (3);

# (2)

after June 30, 2008 and before January 1, 2018 for a tax credit under AS
43.55.025(a)(4); or

# (3)

as provided in (e) of this section.

# (e)

AS 43.55.025(a)(6) exploration expenditures that qualify under AS 43.55.025(m) must be incurred for work performed after June 1, 2012 for a well spudded before July 1, 2017.
(Eff. 12/25/2009, Register 192; am 3/1/2017, Register 221; am 1/1/2018, Register 224) Statutory Authority:
Authority:
AS 43.05.080 AS 43.55.025 AS 43.55.110

Amendment history

Eff. 12/25/2009, Register 192; am 3/1/2017, Register 221; am 1/1/2018, Register 224

Source: official source document (full AAC Title 15 PDF)

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