Introduction to the Proposed PPT bill...
A BILL FOR AN ACT ENTITLED
"An Act repealing the oil production tax and gas production tax and providing for a production tax on the net value of oil
and gas; relating to the relationship of the production tax to other taxes; relating to the dates tax payments and surcharges
are due under AS43.55; relating to interest on overpayments under AS43.55; relating to the treatment of oil and gas
production tax in a producer's settlement with the royalty owner; relating to flared gas, and to oil and gas used in the
operation of a lease or property, under AS43.55; relating to the prevailing value of oil or gas under AS43.55; providing
for tax credits against the tax due under AS43.55 for certain expenditures, losses, and surcharges; relating to statements or
other information required to be filed with or furnished to the Department of Revenue, and relating to the penalty for failure
to file certain reports, under AS43.55; relating to the powers of the Department of Revenue, and to the disclosure of
certain information required to be furnished to the Department of Revenue, under AS43.55; relating to criminal penalties for
violating conditions governing access to and use of confidential information relating to the oil and gas production tax;
relating to the deposit of money collected by the Department of Revenue under AS43.55; relating to the calculation of the
gross value at the point of production of oil or gas; relating to the determination of the net value of taxable oil and gas
for purposes of a production tax on the net value of oil and gas; relating to the definitions of 'gas,' 'oil,' and certain
other terms for purposes of AS43.55; making conforming amendments; and providing for an effective date."
For the rest of the text, please download the Full Text PDF (PDF, 3.4mb).
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