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
In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon. Legislators introduced several bills that would have increased taxes on individuals or businesses in Alaska, none of … Continue Reading
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
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
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
In my latest column for State Tax Notes, I look at the challenges that Alaska, and particularly the state’s oil and gas industry, has faced in 2020 thanks to the COVID-19 pandemic, low oil prices and the threat of a major increase to Alaska’s oil and gas production tax. The state of Alaska is highly … Continue Reading
The Commissioner of the Department of Natural Resources has issued an Order granting a one year extension for mining payments due under Alaska Statute 38.05.210 (Annual Labor) and Alaska Statute 38.05.211 (Annual Rental). In response to COVID-19, and in an attempt to stop the spread of the virus, the Alaska Department of Health and Social … Continue Reading
The Alaska Oil and Gas Conservation Commission (“AOGCC”) is considering revisions to 20 AAC 25.025 of the Alaska Administrative Code. One revision would “allow a reduction in the requisite bond amount if an operator demonstrates that it has a bond in place with the landowner dedicated exclusively to the plugging and abandonment of a well … Continue Reading
State of Alaska Governor Mike Dunleavy has issued COVID-19 Disaster Order of Suspension No 2, suspending a long list of statutory and regulatory provisions. The list of suspended statutes includes AS 38.05.850 which authorizes the state to grant easements and rights-of-way for roads, pipelines, and other facilities associated with the extraction of minerals. Under such authorizations, … Continue Reading
In my latest State Tax Notes column, I provide an update on H.B. 331, which was passed by the State Legislature in 2018 to create a mechanism to finance the purchase of some $700 million in outstanding rebatable tax credits. I also look at continuing budget tensions in the state, efforts to reduce and simplify … Continue Reading
In my most recent column for State Tax Notes, I provide an update on H.B. 331, which was passed by the State Legislature in 2018 to create a mechanism for the issuance of up to $1 billion in bonds to finance oil and gas tax credit purchases. I also look at budget tensions created by … Continue Reading
New rental rates are now in effect for state mining claims, leasehold locations, prospecting sites, and mining leases in Alaska. The new rental rates became effective on August 30, 2019, and thus are applicable to the rental year that commenced on September 1, 2019. These increases were made by the State of Alaska Department of Natural Resources … Continue Reading
Alaska’s rebatable production tax credit program was created by state legislators to be an incentive for explorers and small producers to invest in oil and gas exploration and production in the state but was hurt by its own success when oil prices dropped. The legislature repealed the program but a queue of valid outstanding credits … Continue Reading
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
The Alaska DNR is requesting public comments on its mining regulations for establishing and maintaining mining claims – 11 AAC Chapter 86. These regulations (as well as related regulations at 11 AAC 82 and 11 AAC 88) establish or address many of the requirements for locating claims on state lands, performing assessment work, paying rent, filing production … Continue Reading
Last Tuesday, Alaska voters rejected a referendum proposal that would have repealed oil and gas production tax legislation signed into law by Governor Sean Parnell in May 2013, known the "More Alaska Production" Act.… Continue Reading
