Alaska Administrative Code — Title 15 (Revenue)

15 AAC 55.370

Applying production tax credit certificates against production tax

Official textakleg.govlast amended Sep 20, 202013 subsections

liability.

# (a)

To apply a production tax credit certificate issued under AS 43.55.025 against a production tax liability under AS 43.55.011(e), a producer must submit to the department, with the statement described in AS 43.55.030(a), a written designation, on a form prescribed by the department, stating the

# (1)

amount of tax credit to be applied against the tax liability;

# (2)

calendar year for which the tax credit is to be applied; and

# (3)

percentage, if any, of the tax credit that was subtracted in calculating the amount of an installment payment for each month under 15 AAC 55.381(b).

# (b)

On receipt of a written designation under (a) of this section, subject to the provisions of 15 AAC 55.341, the department will apply the designated tax credit against the producer's production tax liability under AS 43.55.011(e) for the designated calendar year in the order listed under 15 AAC 55.375 or, if the producer submits a schedule under 15 AAC 55.375(c), in the order listed in that schedule. Subject to the provisions of 15 AAC 55.341, an unused amount of a tax credit designated for a calendar year under (a) of this section will be applied as a credit for the next calendar year for which the producer has a tax liability under AS 43.55.011(e) in the order listed under 15 AAC 55.375 or listed in the producer's then-current schedule.

# (c)

Except for a tax credit based on an expenditure for seismic exploration under AS
43.55.025(k) or except as provided in 15 AAC 55.305,

# (1)

the earliest calendar year for which a production tax credit under AS 43.55.025 may be applied against the tax liability of the producer that incurred the exploration expenditure on which the tax credit is based is the calendar year in which the exploration expenditure was incurred;

# (2)

subject to the department's later issuance of a production tax credit certificate covering the amount of the tax credit, the producer may apply the tax credit before the certificate is issued.

# (d)

Except as provided in 15 AAC 55.305, the earliest calendar year for which a production tax credit under AS 43.55.025

# (1)

that is based on an expenditure for seismic exploration under AS 43.55.025(k) may be applied against the tax liability of the producer that incurred the expenditure is the calendar year in which the production tax credit certificate is issued;

# (2)

may be applied against the tax liability of a transferee of the production tax certificate is the calendar year in which the effective date of the transfer of the certificate occurs.

# (e)

A production tax credit certificate does not accrue interest, and except for application against a tax liability as provided in this section or as provided in 15 AAC 55.305 for an additional amount of tax, associated interest, or a self-reported penalty, may not be used in payment of any tax or other amount owed. A production tax credit certificate for exploration expenditures incurred for work performed on or after July 1, 2016 may be applied against the tax levied by AS 43.20.011(e) by the producer or explorer that incurred the expenditures for the production tax credit certificate.
(Eff. 5/3/2007, Register 182; am 12/25/2009, Register 192; am 1/1/2018, Register 224; am 9/20/2020, Register 235) Statutory Authority:
Authority:
AS 43.05.080 AS 43.55.025
AS 43.20.044 AS 43.55.110
Editor's note
The subject matter of 15 AAC 55.370 was formerly located at 15 AAC 55.240. The history note for 15 AAC 55.370 does not reflect the history of the earlier section.

Amendment history

Eff. 5/3/2007, Register 182; am 12/25/2009, Register 192; am 1/1/2018, Register 224; am 9/20/2020, Register 235

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

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