HB 334: "An Act relating to the qualified oil and gas service industry expenditure credit; and relating to a credit against oil and gas exploration, production, and pipeline transportation property taxes."
00 HOUSE BILL NO. 334 01 "An Act relating to the qualified oil and gas service industry expenditure credit; and 02 relating to a credit against oil and gas exploration, production, and pipeline 03 transportation property taxes." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 43.20 is amended by adding a new section to read: 06 Sec. 43.20.052. Transferable qualified oil and gas service industry 07 expenditure credit certificate. A person that is entitled to take a credit under 08 AS 43.20.049 that wishes to transfer the unused credit to another person may apply to 09 the department for a transferable tax credit certificate. A tax credit certificate issued 10 under this section may only be transferred to the initial purchaser of the tangible 11 personal property that was the basis for the credit under AS 43.20.049. A tax credit 12 certificate issued under this section may only be applied against a tax levied under 13 AS 43.56 and in accordance with AS 43.56.015. 14 * Sec. 2. AS 43.56 is amended by adding a new section to read:
01 Sec. 43.56.015. Qualified oil and gas service industry expenditure credit. A 02 taxpayer may apply against the tax levied by the state under AS 43.56.010(a) a tax 03 credit certificate obtained under AS 43.20.052. A tax credit or portion of a tax credit 04 under this section may not reduce the taxpayer's tax liability under this chapter below 05 zero. Any unused tax credit or portion of a tax credit under this section may only be 06 applied in the five tax years immediately following the tax year in which the qualified 07 oil and gas service industry expenditure that was the basis for the credit was incurred.