15 AAC 55.345 - Procedures for applying certain tax credits
(a) To apply a
tax credit allowed under
AS
43.55.023 or
43.55.024
against a tax liability under
AS
43.55.011, a producer must file, no later
than March 31 of the year following the calendar year for which the tax was
levied, a claim for the tax credit in the statement described in
AS
43.55.030(a), setting out
the information required by the department on a form prescribed by the
department as part of that statement.
(b) In addition to other information required
by the department, a claim under this section for a tax credit for a qualified
capital expenditure under
AS
43.55.023(a),
carried-forward annual loss under
AS
43.55.023(b), as the
provisions of that subsection read before January 1, 2018, or well lease
expenditure under
AS
43.55.023(/) must include
(1) a description and accounting of the
expenditures for which the credit is claimed, including a summary of the types
of expenditures and the month and calendar year each expenditure was
incurred;
(2) 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 if the producer is not the operator, identification of
the operator;
(3) a list of any
partners or other entities that shared in costs of which the relevant
expenditures incurred by the producer are the producer's share, providing the
respective shares of the partners or other entities, including the producer,
and identifying the operator of the venture;
(4) identification of the custodians of the
accounting records for the relevant expenditures, including the general
ledgers, contracts, progress billings and invoices, and joint interest
billings;
(5) if applicable, the
producer's written
(A) agreement required
under
AS
43.55.023(a)(2), as the
provisions of that paragraph read on June 30, 2007, in the case of an
expenditure incurred for exploration work performed before July 1,
2008;
(B) agreements required under
AS
43.55.023(a)(2), as amended
by sec. 25, ch. 1, SSSLA 2007, or
AS
43.55.023 (l)(2), and
documentation that the producer has submitted to the Department of Natural
Resources all data referred to
(i) in
AS
43.55.023(a)(2)(B), as
amended by sec. 25, ch. 1, SSSLA 2007, in the case of a claim for a tax credit
under
AS
43.55.023(a) for an
expenditure incurred for exploration work performed after June 30,
2008;
(ii) in
AS
43.55.023 (l)(2)(B), in the
case of a claim for a tax credit under
AS
43.55.023 (l) for a well
lease expenditure;
(6) in the case of a
(A) claim for a tax credit under
AS
43.55.023(a) for a qualified
capital expenditure, the producer's certification that a tax credit has not
been and is not being taken for the expenditure under,
AS
43.55.023 (l) or
43.55.025,
except as provided under (c) of this section;
(B) claim for a tax credit under
AS
43.55.023(l) for a well
lease expenditure, the producer's certification that a tax credit has not been
and is not being taken for the expenditure under
AS
43.55.023(a) or
43.55.025,
except as provided under (c) of this section;.
(7) 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 anv contingent
liabilities that may be owed by the applicant to another party; and
(8) 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.
(c) A producer that files an application
under
15 AAC 55.356 for an alternative oil and gas exploration
tax credit under
AS
43.55.025 for an expenditure that the
producer believes is a qualified capital expenditure may file a contingent
claim under this section for a qualified capital expenditure tax credit under
AS
43.55.023(a) or
(l), if and to the extent that the expenditure later is
determined not to qualify for a tax credit under
AS
43.55.025 but is determined to qualify for a
tax credit under
AS
43.55.023(a).
(d) In addition to other information required
by the department, a claim under this section for a tax credit shown on a
transferable tax credit certificate under
AS
43.55.023(e) must
(1) identify the certificate and the person
that transferred the certificate to the producer claiming the tax credit;
and
(2) state the 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), as
applicable.
(e) Repealed
3/1/2017
(f) Repealed
3/1/2017
(g) Repealed
3/1/2017
(h) A producer that files
a claim for a tax credit under this section shall retain and make available to
the department upon request all financial and technical source records
supporting the credit claimed. If the credit claimed relates to an exploration
well or to geological or geophysical exploration, the records to be retained
and made available must include drill rig logs, daily drilling logs, and
activity logs.
Notes
Authority:AS 43.05.080
AS 43.55.023
AS 43.55.024
AS 43.55.025
AS 43.55.030
AS 43.55.040
AS 43.55.110
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