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HB 87: "An Act extending the liquefied natural gas storage facility tax credit; and providing for an effective date."

00                              HOUSE BILL NO. 87                                                                          
01 "An Act extending the liquefied natural gas storage facility tax credit; and providing for                              
02 an effective date."                                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 43.20.047(a) is amended to read:                                                                   
05 (a)  A person that is an owner of a liquefied natural gas storage facility                                              
06 described in (b) of this section that commences commercial operation before June 30,                                
07 2021 [JANUARY 1, 2020], may apply a refundable credit against a tax liability that                                  
08 may be imposed on the person under this chapter or receive the amount of the credit in                                  
09 the form of a payment for the taxable year in which the liquefied natural gas storage                                   
10 facility commences commercial operation. The tax credit or payment under this                                           
11 section may not exceed the lesser of $15,000,000 or 50 percent of the costs incurred to                                 
12 establish or expand the liquefied natural gas storage facility. The tax credit in this                                  
13 section is in addition to any other credit under this chapter for which the person is                                   
14       eligible.                                                                                                         
01    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).