SB 13: "An Act relating to oil and gas exploration, production, and pipeline transportation property taxes; and providing for an effective date."
00 SENATE BILL NO. 13 01 "An Act relating to oil and gas exploration, production, and pipeline transportation 02 property taxes; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 43.56.010(a) is amended to read: 05 (a) An annual tax [OF 20 MILLS] is levied each tax year 06 (1) beginning January 1, 1974, of 20 mills on the full and true value of 07 taxable property taxable under this chapter; and 08 (2) beginning January 1, 2022, of 10 mills, in addition to the tax 09 under (1) of this subsection, on the full and true value of taxable property taxable 10 under this chapter. 11 * Sec. 2. AS 43.56.010(d) is amended to read: 12 (d) A tax paid to a municipality under AS 29.45.080 or former AS 29.53.045 13 on or before June 30 of the tax year shall be credited against the tax levied under 14 (a)(1) [(a)] of this section for that tax year. If, however, a tax is not paid to a
01 municipality until after June 30 of the taxable year, the department, upon application, 02 shall refund to the taxpayer the amount of tax paid to the municipality under 03 AS 29.45.080 or former AS 29.53.045. The credit or refund of taxes paid to a 04 municipality may not exceed the total amount of tax levied by the department on 05 [UPON] the taxpayer for the tax year [,] under (a)(1) [(a)] of this section. 06 * Sec. 3. AS 43.56.010 is amended by adding new subsections to read: 07 (e) The department shall separately account for the taxes collected under 08 (a)(2) of this section. The annual estimated balance of the account may be 09 appropriated by the legislature as follows: 10 (1) 50 percent to the Alaska capital income fund under AS 37.05.565; 11 (2) 25 percent to reimburse municipalities for real property tax revenue 12 lost because of an exemption required by AS 29.45.030(e); 13 (3) 25 percent to the Alaska higher education investment fund under 14 AS 37.14.750. 15 (f) Nothing in this section creates a dedicated fund. 16 * Sec. 4. This Act takes effect January 1, 2022.