11 AAC 83.800. Exploration incentive credits

(a) If the commissioner receives a request for exploration incentive credit, the commissioner will, in his discretion, allow credits for expenditures for both exploratory wells and geophysical work against

(1) oil and gas royalty payable in-value and rental payments payable to the state; or

(2) taxes payable under AS 43.55.

(b) The period during which exploration incentive credits may be earned and used and the percent of the exploration expenditures that will be allowed for credits in a particular region will be established by the commissioner and will be announced no sooner than two years before the sale but in no event later than the date of the notice of sale. The period during which exploration incentive credits may be earned and used may be extended at the discretion of the commissioner. Exploration incentive credits may be assigned. A notice of assignment must be filed with the commissioner on forms prescribed by the department.

History: Eff. 11/9/79, Register 72; am 8/15/82, Register 83

Authority: AS 38.05.020

AS 38.05.180

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