00                             SENATE BILL NO. 186                                                                         
01 "An Act repealing the qualified in-state oil refinery infrastructure expenditures tax                                   
02 credit."                                                                                                                
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 43.55.028(a) is amended to read:                                                                   
05            (a)  The oil and gas tax credit fund is established as a separate fund of the state.                         
06       The purpose of the fund is to purchase transferable tax credit certificates issued under                          
07       AS 43.55.023 and production tax credit certificates issued under AS 43.55.025 and to                              
08       pay refunds and payments claimed under AS 43.20.046 or [,] 43.20.047 [, OR                                    
09       43.20.053].                                                                                                       
10    * Sec. 2. AS 43.55.028(g) is amended to read:                                                                      
11            (g)  The department may adopt regulations to carry out the purposes of this                                  
12       section, including standards and procedures to allocate available money among                                     
13       applications for purchases under this chapter and claims for refunds and payments                                 
14       under AS 43.20.046 or [,] 43.20.047 [, OR 43.20.053] when the total amount of the                             
01       applications for purchase and claims for refund exceed the amount of available money                              
02       in the fund. The regulations adopted by the department may not, when allocating                                   
03       available money in the fund under this section, distinguish an application for the                                
04       purchase of a credit certificate issued under former AS 43.55.023(m) or a claim for a                             
05       refund or payment under AS 43.20.046 or [,] 43.20.047 [, OR 43.20.053].                                       
06    * Sec. 3. AS 43.20.053 is repealed.                                                                                
07    * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to                          
08 read:                                                                                                                   
09       TRANSITION. (a) Notwithstanding the repeal of AS 43.20.053 by sec. 3 of this Act                                  
10 and the amendments to AS 43.55.028(a) and (g) by secs. 1 and 2 of this Act, the Department                              
11 of Revenue may purchase transferable tax credit certificates that were issued under                                     
12 AS 43.20.053 before the effective date of this Act under AS 43.20.053 and AS 43.55.028(a)                               
13 and (g), as those sections read on the day before the effective date of this Act.                                       
14       (b)  A taxpayer qualifying for a credit under AS 43.20.053 may receive a credit for a                             
15 qualified infrastructure expenditure made before the effective date of this Act and,                                    
16 notwithstanding the repeal of AS 43.20.053 by sec. 3 of this Act, may apply the tax credit in a                         
17 current or subsequent tax year according to AS 43.20.053, as that section read on the day                               
18 before the effective date of this Act.