Jonathan Iversen

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Jon Iversen is a partner based in Stoel Rives’ Alaska office who provides tax planning and tax structuring advice and represents clients in tax audits and appeals. One of the most highly rated attorneys in the state in his field, Jon has extensive experience counseling clients on state and local tax audits and appeals, incentives, and financing associated with Alaska’s oil and gas production tax credits. Jon also counsels national and international companies regarding economic development opportunities in the region, including unique issues presented by the Arctic.

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Bracing for Another Budget Debate

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In my most recent column for State Tax Notes, I look at the numbers in the Alaska Department of Revenue’s (DOR) 2022 Fall Revenue Sources Book, which tabulates historical revenues and provides the revenue forecast that the governor and Legislature will rely on for budget discussions during the legislative session. I also discuss the status of the refundable/rebatable … Continue Reading

Alaska Gets a Boost from Oil

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In my latest column for State Tax Notes, I outline the impacts rising oil prices are having on the Alaska economy and the state’s citizens, the accomplishments and tasks ahead of the Legislature as it passes the midway point in its regular session, and the fall prognostication by the Department of Revenue for revenue in … Continue Reading

2021 Alaska Legislative Sessions Run From ‘Frenzy to Fizzle’

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In my latest column for State Tax Notes, I outline several bills to increase taxes introduced during the 2021 sessions of the Legislature, and discuss the status of the government’s repayment of rebatable tax credits, two packets of regulations promulgated by the DOR, and a preliminary revenue forecast issued by the DOR for 2022. The … Continue Reading

Recent Alaska Legislative Sessions Leave Future Unclear for State’s Taxpayers

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In my latest column for State Tax Notes, I provide an update on the status of the Alaska Permanent Fund and on actions taken during the regular legislative session and three special sessions to attempt to clarify the many questions that exist surrounding Alaska’s fiscal structure. The Permanent Fund was created in 1976 through an … Continue Reading

Jon Iversen: Trials of the Season

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In my latest column for State Tax Notes, I provide an update on Alaska’s budget woes, on possible tax hikes and fiscal uncertainty still faced by the state’s taxpayers, and on the state’s ongoing inability to make payment to holders of over $700 million in rebatable oil and gas production tax credits. In 2020, Alaska’s … Continue Reading

Jon Iversen Discusses Alaska Supreme Court Decision Overturning Tax Credit Bond Program

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
In previous columns for State Tax Notes, I have discussed H.B. 331, which was passed by the Alaska State Legislature to remedy the state’s failure to pay off outstanding rebatable oil and gas production tax credits. However, the Bill faced numerous lawsuits, culminating in a Sept. 2020 Alaska Supreme Court ruling that the financing structure … Continue Reading

The Battle Over the Alaska Oil and Gas Production Tax Credit

By Jonathan Iversen on Posted in Alaska, Oil & Gas, Tax Policy
Alaska’s oil and gas production tax has been subject to continuing debate and change as lawmakers and policymakers struggle with balancing budgets in times of volatile oil prices while also encouraging the investment necessary to monetize the state’s resources to run its government, create jobs, build and maintain infrastructure, and promote economic activity. In my … Continue Reading

Alaska Legislature Lowers Oil and Gas Production Taxes, Amends Incentives

By Jonathan Iversen on Posted in Alaska, Oil & Gas
Senate Bill 21, which was recently signed into law, significantly alters Alaska’s Oil and Gas Production Tax regime. Although discussions regarding this law have largely been focused on North Slope activity, other areas of the state are also affected. To understand the relevance of the amendments, it is useful to have a basic understanding of … Continue Reading

Proposed Alaska Oil and Gas Production Tax Bill Would Reduce Tax Rates, Alter Credits

By Jonathan Iversen on Posted in Alaska, Oil & Gas
On January 16, 2013, Alaska Governor Sean Parnell introduced proposed legislation that would significantly alter Alaska’s Oil and Gas Production Tax regime. The current law, known as Alaska’s Clear and Equitable Share Act (“ACES”), was enacted in 2007 and is located in Alaska Statutes 43.55.011 et seq. This tax is levied on the net profits … Continue Reading
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