Alaska Statutes — Title 43 (Revenue and Taxation)
AS 43.20.049
Qualified oil and gas service industry expenditure credit
# (a)
For a tax year beginning after December 31, 2013, a taxpayer may apply a credit against the tax due under this chapter for a qualified oil and gas service industry expenditure incurred in the state. The total amount of credit a taxpayer may receive in a tax year may not exceed the lesser of 10 percent of qualified oil and gas service industry expenditures incurred in the state during the tax year or $10,000,000.
# (b)
A taxpayer may not apply more than $10,000,000 in tax credits under this section in a tax year. A tax credit or portion of a tax credit under this section may not be used to reduce the taxpayer's tax liability under this chapter below zero. Any unused tax credit or portion of a tax credit under this section may be applied in later tax years, except that any unused tax credit or portion of a tax credit may not be carried forward for more than five tax years immediately following the tax year in which the qualified oil and gas service industry expenditures were incurred.
# (c)
An expenditure that is the basis of the credit under this section may not be the basis for
# (1)
a deduction against the tax levied under this chapter;
# (2)
a credit or deduction under another provision of this title; or
# (3)
any federal credit claimed under this title.
# (d)
Notwithstanding any contrary provision of AS 40.25.100(a) or AS 43.05.230(e), for a year that three or more taxpayers claim a tax credit under this section, the department may publish the aggregated amount of tax credits claimed under this section and a description of the qualified oil and gas service industry expenditures that were the basis for a tax credit under this section.
# (e)
In this section,
# (1)
"manufacture" means to perform substantial industrial operations in the state to transform raw material into tangible personal property with a useful life of three years or more for use in the exploration for, development of, or production of oil or gas deposits;
# (2)
"modification" means an adjustment, equipping, or other alteration to existing tangible personal property that has a useful life of three years or more and is for use in the exploration for, development of, or production of oil or gas deposits; "modification" does not include minor product alterations or inventory activities;
# (3)
"qualified oil and gas service industry expenditure" means an expenditure directly attributable to an in-state manufacture or in-state modification of tangible personal property used in the exploration for, development of, or production of oil or gas deposits, but does not include components or equipment used for or in the process of that manufacturing or modification.
Source: official source document (full Title 43 PDF)
In this chapter (40 sections)
- 43.20.015 · Individual tax credit
- 43.20.016 · Sharing of corporate income tax revenue with municipalities
- 43.20.017 · Individual tax exemptions
- 43.20.018 · Alaska veterans' memorial endowment fund contribution credit
- 43.20.020 · Exemptions
- 43.20.021 · Internal Revenue Code adopted by reference
- 43.20.030 · Returns and payment of taxes
- 43.20.031 · Deduction of taxes; consolidated returns; accounting methods
- 43.20.033 · Taxable income of fiduciaries, nonresidents, and part-year…
- 43.20.036 · Federal tax deductions and credits
- 43.20.037 · Trade or business energy conservation credit
- 43.20.038 · Residential fuel and residential fuel conservation credits
- 43.20.040 · Income from sources in the state
- 43.20.042 · Special industrial incentive investment tax credits
- 43.20.043 · Gas exploration and development tax credit
- 43.20.044 · Exploration credits
- 43.20.045 · Proration of part-year resident and nonresident individual…
- 43.20.046 · Gas storage facility tax credit
- 43.20.047 · Liquefied natural gas storage facility tax credit
- 43.20.048 · Veteran employment tax credit
- 43.20.049 · Qualified oil and gas service industry expenditure credit
- 43.20.050 · Taxpayer liable
- 43.20.051 · 43.20.051
- 43.20.052 · Credit for the in-state manufacture of urea, ammonia, or…
- 43.20.053 · Qualified in-state oil refinery infrastructure expenditures…
- 43.20.060 · Direct allocation
- 43.20.061 · Credit for taxes paid another state
- 43.20.065 · 43.20.065
- 43.20.070 · Employees of interstate carriers
- 43.20.071 · 43.20.071
- 43.20.072 · 43.20.072
- 43.20.073 · 43.20.073
- 43.20.080 · Allocation of nonbusiness income; net rents and royalties;…
- 43.20.141 · Income from sources in the state of nonresident partners
- 43.20.142 · Allocation and apportionment
- 43.20.143 · Transportation carriers
- 43.20.144 · Oil and gas producers and pipelines
- 43.20.145 · Affiliated groups
- 43.20.146 · Public utilities
- 43.20.150 · Definitions