Title 15 . Revenue

Chapter 55 . (Repealed)

Section 240. Applying production tas credit certificates against production tax liability

15 AAC 55.240. Applying production tas credit certificates against production tax liability

(a) A producer may apply a production tax credit certificate only against its monthly production tax liability under this chapter, and not against a penalty or interest on production taxes.

(b) To apply a production tax credit certificate to a production tax liability, a producer must submit to the department, with the monthly production tax statement required under AS 43.55.030 , a written designation, on a form provided by the department, stating the amount of tax credit to be applied against the tax liability and each tax period against which it is to be applied.

(c) On receipt of a written designation under (b) of this section, the department will apply the designated tax credit against the producer's production tax liability for the designated tax period before any other credits authorized by AS 43.55 are applied against the same tax liability for the same tax period, and if the producer's total production tax liability in the designated tax period is

(1) greater than the designated tax credit, the producer shall pay the balance of the production tax liability in the manner provided in this chapter; or

(2) less than the designated tax credit, the excess amount of a production tax credit designated for that tax period will be applied as a credit against the next tax period for which the producer has an unpaid tax liability.

(d) A production tax credit certificate does not accrue interest, and except for application against the production tax liability as provided in this chapter, may not be used in payment of any tax or other amount owed.

History: Eff. 1/1/2004, Register 168

Authority: AS 43.05.080

AS 43.55.025

AS 43.55.110