11 AAC 89.040. Extension and adjustment of maximum credit

(a) Within 90 days following completion, abandonment, or suspension of activities, an applicant granted a maximum credit shall submit to the commissioner a written request for the extension of the credit. The request must be signed by the applicant or its representative before a notary. The request must contain:

(1) the computation of the credit;

(2) a statement indicating that an applicant does not owe a liquidated debt to the state as described in AS 41.09.010 (i); and

(3) an accounting of expenditures, including cost information to determine the eligible costs.

(b) The department will calculate the total dollar amount of the credit to be extended and will notify the applicant. The amount is the lesser of the

(1) percentage of eligible costs actually incurred; or

(2) per foot or per mile costs designated in 11 AAC 89.020 for actual footage drilled or per mile of data gathered.

(c) The credit is extended and available for the applicant's use only after notification is provided under (b) of this section and the applicant has submitted the data required under AS 41.09.010 . To use the credit, the applicant must clearly identify the credit on the royalty or rental payment statement or on the tax payment or bonus payment against which it is being applied.

History: Eff. 9/22/95, Register 135

Authority: AS 41.09.010

AS 41.09.020

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