HB 387: "An Act relating to a tax credit for certain oil and gas equipment in the Cook Inlet sedimentary basin; and providing for an effective date."
00 HOUSE BILL NO. 387 01 "An Act relating to a tax credit for certain oil and gas equipment in the Cook Inlet 02 sedimentary basin; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 43.98 is amended by adding a new section to read: 05 Article 5. Oil and Gas Tax Credit Certificates. 06 Sec. 43.98.080. Tax credit for jack-up rigs. (a) The department shall provide 07 a tax credit certificate to a person who, after the effective date of this Act and before 08 July 1, 2026, installs a jack-up rig in the Cook Inlet sedimentary basin. The tax credit 09 is equal to the total cost of purchasing the jack-up rig and transporting the jack-up rig 10 to the Cook Inlet sedimentary basin. 11 (b) A person who receives a tax credit certificate under (a) of this section may 12 use the credit, or a portion of the credit, to offset taxes imposed under this title. Any 13 unused portion of the credit may be carried forward to a subsequent tax year. 14 (c) A tax credit certificate issued under (a) of this section may not
01 (1) be sold, assigned, exchanged, conveyed, or otherwise transferred, 02 in whole or in part; 03 (2) be applied to reduce a person's tax liability under this title to below 04 zero; or 05 (3) be the basis for a credit under another provision of this title. 06 (d) In this section, "jack-up rig" means a mobile drilling platform with 07 extendible legs for support on the ocean floor. 08 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).