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Based upon the entire legislative history culminating in the passage of ch. 110, SLA 1978, and also the legislative history of ch. 113, SLA 1980, and ch. 116, SLA 1981, and, after reviewing in-depth the tax returns of corporations engaged in oil and gas production or pipeline transportation in the state, the department finds that
(1) the three-factor formula set out in AS 43.19.010 , Art. IV, does not fairly or fully represent the income-producing activity in the state or the income earned in the state of corporations engaged in oil and gas production or pipeline transportation in the state;
(2) specifically, the property factor, payroll factor, and sales factor in combination do not accurately represent the value of activity relating to or associated with the extraction and transportation of nonrenewable resources of oil and gas in the state; and
(3) the application of the three-factor formula in AS 43.19.010 , Art. IV, results in a total distortion of the income-producing activities and income earned by corporations engaged in oil and gas production and pipeline transportation because little weight is given to the tremendous raw wealth represented by the oil and gas produced from a lease or property in the state or transported in the state, or both.
History: Eff. 2/22/79, Register 69; am 5/21/81, Register 78; am 3/26/82, Register 81
Authority: AS 43.05.010
Art. IV, § 18
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Last modified 7/05/2006