00 CS FOR HOUSE BILL NO. 87(FIN)
01 "An Act relating to the liquefied natural gas storage facility tax credit; and providing
02 for 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
07 January 1, 2021 [JANUARY 1, 2020], may apply a refundable credit against a tax
08 liability [THAT MAY BE] imposed on the person under this chapter or receive the
09 amount of the credit in the form of a payment for the taxable year in which the
10 liquefied natural gas storage facility commences commercial operation. [THE TAX
11 CREDIT OR PAYMENT UNDER THIS SECTION MAY NOT EXCEED THE
12 LESSER OF $15,000,000 OR 50 PERCENT OF THE COSTS INCURRED TO
13 ESTABLISH OR EXPAND THE LIQUEFIED NATURAL GAS STORAGE
14 FACILITY.] The tax credit in this section is in addition to any other credit under this
01 chapter for which the person is eligible. A tax credit or payment under this section
02 for a liquefied natural gas storage facility that commences commercial operation
03 (1) before January 1, 2020, may not exceed the lesser of
04 (A) $15,000,000; or
05 (B) 50 percent of the costs incurred to establish or expand
06 the liquefied natural gas storage facility;
07 (2) on or after January 1, 2020, and before January 1, 2021, may
08 not exceed $5,000,000.
09 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).