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
On Tuesday, May 5, 2015, the Internal Revenue Service (“IRS”) released proposed regulations defining qualifying income for Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships that are taxed as a partnership rather than a corporation. Being taxed as a MLP has many advantages. While shareholders in a corporation face double taxation ̶ paying taxes … 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Last Tuesday, Alaska voters rejected a referendum proposal that would have repealed oil and gas production tax legislation signed into law by Governor Sean Parnell in May 2013, known the "More Alaska Production" Act.… Continue Reading
In exchange for a $2.6 billion cut to Ohio’s state income taxes, Gov. John Kasich has proposed a package of tax increases in other areas. Included among those increases would be the gradual implementation of a 2.75 percent tax on oil and gas extracted through horizontal drilling and hydraulic fracturing in Ohio, which is estimated … Continue Reading
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
