SB 186: "An Act repealing the qualified in-state oil refinery infrastructure expenditures tax credit."
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 AS 43.20.053 is repealed. 07 * Sec. 4.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.