Alaska oil production tax
Alaska’s Oil Production Tax: A Brief History By Lisa Weissler Abstract: For decades, Alaska’s politicians and the oil industry have sparred over the state’s tax on its oil resources. This paper examines newspaper accounts, legislative history, and Alaska history books to construct a narrative of the people and politics The Department of Revenue, Tax Division offers two oil and gas production tax credit programs that relate to exploration expenditures: One under AS 43.55.023 and the other under AS 43.55.025. By early January, it had raised about $255,000 from the Alaska Oil and Gas Association, the Resource Development Council and oil companies, according to its quarterly report. In 2013, the Alaska State Legislature passed Senate Bill 21 (SB 21), which made changes to the state's tax on oil production. Before SB 21, oil companies paid a base rate of 25 percent on the first $30 of net profits from a barrel of oil, plus a 0.4 percentage point increase in the tax rate for each additional $1 in profit per barrel that maxed out at 50 percent. An above-ground section of the Trans-Alaska Pipeline System near the Toolik Lake Research Station in the North Slope Borough. A proposed initiative would increase state taxes on major North Slope oil fields. A group has proposed an initiative that would raise state taxes on the largest oil companies. Alaska’s oil price-linked production tax is structured to act as a progressive net profits tax at higher market prices and as a gross tax that ensures the state makes some revenue at lower prices. Whichever calculation between the net profits calculation, with the per barrel credit that grows at low prices, and the simpler 4 percent gross tax is the one the state applies to tax North Slope oil. Oil Tax Credits. Tax credits are an important tool in Alaska’s stable and predictable tax policy. Credits act to encourage investment that will positively impact production and reduce the deemed risk of expenditures by industry. The State of Alaska offers a variety of tax credits to incentivize investment across the state. Whether drilling a well,
7 Apr 2011 Petroleum Profits Tax (PPT) – The tax on the production of oil and gas KEY ALASKA OIL AND GAS REGULATORS State of Alaska Below are
7 Apr 2011 Petroleum Profits Tax (PPT) – The tax on the production of oil and gas KEY ALASKA OIL AND GAS REGULATORS State of Alaska Below are Alaska Department of Revenue - Tax Division. Tax Types Forms Reports Online Services About Tax Text Only. Alaska Oil Production. ANS & Cook Inlet Oil Production Fiscal Years 1978 – 2019 and Forecast for Fiscal Years 2020 – 2029 North Slope Temperatures North Slope Temperatures ANS Monthly Production Alaska’s Oil Production Tax: A Brief History By Lisa Weissler Abstract: For decades, Alaska’s politicians and the oil industry have sparred over the state’s tax on its oil resources. This paper examines newspaper accounts, legislative history, and Alaska history books to construct a narrative of the people and politics The Department of Revenue, Tax Division offers two oil and gas production tax credit programs that relate to exploration expenditures: One under AS 43.55.023 and the other under AS 43.55.025. By early January, it had raised about $255,000 from the Alaska Oil and Gas Association, the Resource Development Council and oil companies, according to its quarterly report.
As the price of crude oil declines, so will gross revenues and our fair share of those gross revenues. Unfortunately, revenues under the production tax declined much more than the decline in the price of crude oil. Our net production tax revenues declined from $5.4 billion (2012) to -$0.5 billion (2017)
• The gross minimum production tax, which has kicked in in recent years when oil prices are low, would increase from 4% to between 10% and 15%, depending on the price of oil. • The net production tax, which has kicked in when oil prices are higher, Alpine production includes production from Alpine, Nanuq, Fiord and Qannik. 6: Volume of oil stored in tankage at the Valdez Marine Terminal. For information on Cook Inlet production volumes please see the AOGCC website or contact the Tax Division directly at 907-269-6620 The Alaska Oil and Gas Production Tax has been changed multiple times, particularly over the last 12 years. And each change in the statutes brings additional changes—and complications—to the regulations that the Alaska Department of Revenue (DOR) issues to implement the tax. Even the last few years are telling,
Alaska Department of Revenue - Tax Division. Tax Types Forms Reports Online Services About Tax Text Only. Alaska Oil Production. ANS & Cook Inlet Oil Production Fiscal Years 1978 – 2019 and Forecast for Fiscal Years 2020 – 2029 North Slope Temperatures North Slope Temperatures
10 Dec 2019 A voter-led initiative to roll back tax breaks for Alaska's oil industry could become a proxy fight over the future of crude production in one of the Oil production has been the engine of economic growth in Alaska. The oil and gas industry paid $3.1 billion in state and local taxes and royalties in FY 2019, Severance taxes are taxes imposed on the removal of natural resources within a taxing jurisdiction. Severance taxes are most commonly imposed in oil producing states within Several U.S. states, including New Mexico, Wyoming, Colorado, Alaska and Montana, have created severance endowments. These range in size 5 Feb 2020 These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide. Alaska typically depends on severance tax revenue more than any other state. However, the price and production of oil was low in 2016, and thus so was its tax 11 Apr 2019 To provide a progressive tax structure, the legislation raised the production tax rate from 25 percent to 35 percent; application of the tax reductions Oil and gas conservation and production tax severance taxes accounted for at least 1 percent of state tax collections in 2007, with Alaska leading the pack.
This credit was administered by the Alaska Department of Natural Resources, but it was also applicable to oil and gas production tax. Exploration Incentive (Assignable) – AS 41.09.010 – This is a distinct incentive program administered by the Alaska Department of Natural Resources.
9 Oct 2017 In this inaugural edition of his column,. Alaska Tax: The Last Frontier, Iversen discusses the repeated changes to how Alaska taxes oil and gas 19 Aug 2019 We can raise the natural gas severance tax by a lot, and out-of-state gas and oil producers will stay put. Just like they did in Alaska. If we invest 10 Sep 2018 150; and Alaska Stat. 43.55.160. 3. This oil and gas production/severance tax based on net revenue is unique in The state of Alaska collects four types of tax related to oil production: royalty, severance tax, corporate income tax, and property tax. We focus on the two largest: Alaska Oil Production Tax. Alaska will impose a base rate of 35 percent on oil companies' net profits in the state. Salmon Enhancement Tax (b). Elective; 2% or
Oil and Gas Production Tax News Archive. Oil and Gas Production Tax News. 12/ 12/ Alaska's Clear and Equitable Share (ACES) is the law that created Alaska's current production tax, or severance tax, imposed on the production of oil, or the