HB 263: "An Act relating to information concerning oil and gas taxes, including information about expenditures that must be provided in order to claim an oil and gas production tax credit for those expenditures, and relating to the disclosure of that information; and providing for an effective date."
00 HOUSE BILL NO. 263 01 "An Act relating to information concerning oil and gas taxes, including information 02 about expenditures that must be provided in order to claim an oil and gas production 03 tax credit for those expenditures, and relating to the disclosure of that information; and 04 providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 43.55.030(a) is amended to read: 07 (a) A producer that produces oil or gas from a lease or property in the state 08 during a calendar year, whether or not any tax payment is due under AS 43.55.020(a) 09 for that oil or gas, shall file with the department on March 31 of the following year a 10 statement, under oath, in a form prescribed by the department, giving, with other 11 information required by the department under a regulation adopted by the 12 department, the following: 13 (1) a description of each lease or property from which oil or gas was 14 produced, by name, legal description, lease number, or accounting codes assigned by
01 the department; 02 (2) the names of the producer and, if different, the person paying the 03 tax, if any; 04 (3) the gross amount of oil and the gross amount of gas produced from 05 each lease or property, and the percentage of the gross amount of oil and gas owned by 06 the producer; 07 (4) the gross value at the point of production of the oil and of the gas 08 produced from each lease or property owned by the producer and the costs of 09 transportation of the oil and gas; 10 (5) the name of the first purchaser and the price received for the oil and 11 for the gas, unless relieved from this requirement in whole or in part by the 12 department; 13 (6) the producer's qualified capital expenditures, as defined in 14 AS 43.55.023, other lease expenditures under AS 43.55.165, and adjustments or other 15 payments or credits under AS 43.55.170; 16 (7) the production tax values of the oil and gas under AS 43.55.160; 17 (8) any claims for tax credits to be applied; [AND] 18 (9) calculations showing the amounts, if any, that were or are due 19 under AS 43.55.020(a) and interest on any underpayment or overpayment; and 20 (10) for each expenditure that is the basis for a credit claimed 21 under AS 43.55.023 or 43.55.025, a description of the expenditure, a detailed 22 description of the purpose of the expenditure, and a description of the lease or 23 property for which the expenditure was incurred; notwithstanding 24 AS 43.05.230(a), information submitted under this paragraph may be disclosed to 25 the public and shall be disclosed to the legislature in a report submitted within 10 26 days after the convening of the next regular legislative session following the date 27 a statement is filed under this section. 28 * Sec. 2. AS 43.55.030(e) is amended to read: 29 (e) An explorer or producer that incurs a lease expenditure under 30 AS 43.55.165 or receives a payment or credit under AS 43.55.170 during a calendar 31 year but does not produce oil or gas from a lease or property in the state during the
01 calendar year shall file with the department on March 31 of the following year a 02 statement, under oath, in a form prescribed by the department, giving, with other 03 information required by the department under a regulation adopted by the 04 department, the following: 05 (1) the producer's qualified capital expenditures, as defined in 06 AS 43.55.023, other lease expenditures under AS 43.55.165, and adjustments or other 07 payments or credits under AS 43.55.170; [AND] 08 (2) if the explorer or producer receives a payment or credit under 09 AS 43.55.170, calculations showing whether the explorer or producer is liable for a 10 tax under AS 43.55.160(d) or 43.55.170(b) and, if so, the amount; and 11 (3) for each expenditure that is the basis for a credit claimed under 12 this chapter, a description of the expenditure, a detailed description of the 13 purpose of the expenditure, and a description of the lease or property for which 14 the expenditure was incurred; notwithstanding AS 43.05.230(a), information 15 submitted under this paragraph may be disclosed to the public and shall be 16 disclosed to the legislature in a report submitted within 10 days after the 17 convening of the next regular legislative session following the date a statement is 18 filed under this section. 19 * Sec. 3. This Act takes effect July 1, 2012.