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Alaska oil production tax

Alaska oil production tax

The initiative would raise the minimum tax from 4% to between 10% and 15%, based on the price of oil. And it would eliminate oil tax credits for the Prudhoe Bay, Kuparuk and Alpine fields. 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. Our net production tax revenues declined from $5.4 billion (2012) to -$0.5 billion (2017) — or by 109 percent while the price of crude oil only declined from $112.65 per barrel (2016) to $43.18 per barrel — or by 62 percent. ACES established the oil and gas tax credit fund as a way to purchase qualifying credits more efficiently. The amount of money available to the fund was based on a set percentage of production tax revenue; 10 percent when oil prices were $60 or more, 15 percent when oil prices were less than $60. Over time, Alaska has collected $191 billion in oil production taxes, including tens of billions set aside in the Permanent Fund, with some of that paid to Alaska residents annually as dividends. Historically, the tax was structured as an Economic Limit Factor (ELF), which adjusted tax deductions to result in high taxes on highly productive oil fields and low taxes as a field’s profitability drew down.

15 Mar 2019 There has been no flood of oilfield workers to Alaska's North Slope, and Alaska's treasury is not replenished by increased oil production.

• The gross minimum production tax, which has kicked in in recent years when oil prices are low, would increase from 4% to between 10% and 15%, depending on the price of oil. • The net production tax, which has kicked in when oil prices are higher, Alpine production includes production from Alpine, Nanuq, Fiord and Qannik. 6: Volume of oil stored in tankage at the Valdez Marine Terminal. For information on Cook Inlet production volumes please see the AOGCC website or contact the Tax Division directly at 907-269-6620 The Alaska Oil and Gas Production Tax has been changed multiple times, particularly over the last 12 years. And each change in the statutes brings additional changes—and complications—to the regulations that the Alaska Department of Revenue (DOR) issues to implement the tax. Even the last few years are telling, The initiative would raise the minimum tax from 4% to between 10% and 15%, based on the price of oil. And it would eliminate oil tax credits for the Prudhoe Bay, Kuparuk and Alpine fields.

11 Apr 2019 To provide a progressive tax structure, the legislation raised the production tax rate from 25 percent to 35 percent; application of the tax reductions 

26 Apr 2019 Small producing licensees may have financial difficulties for the full-cycle In order to solve Alaska's $1.6bn deficit without tax increases or  16 Apr 2013 Hoping to reverse two decades of declining oil production in Alaska, the State Legislature in Juneau has granted oil companies an estimated  15 Mar 2019 There has been no flood of oilfield workers to Alaska's North Slope, and Alaska's treasury is not replenished by increased oil production.

Oil and gas conservation and production tax severance taxes accounted for at least 1 percent of state tax collections in 2007, with Alaska leading the pack.

Oil and Gas Production Tax News Archive. Oil and Gas Production Tax News. 12/ 12/  Alaska's Clear and Equitable Share (ACES) is the law that created Alaska's current production tax, or severance tax, imposed on the production of oil, or the  23 Mar 2019 Alaska's Oil Production Tax: A Brief History. By Lisa Weissler. Abstract: For decades, Alaska's politicians and the oil industry have sparred over  With the passage of a production tax on net profits, the State of Alaska began to receive information about the amount of investment in North. Slope oil and gas  ACES in the longer term context of Alaska oil production taxes, comparing MAPA and ACES to the original petroleum profits tax (PPT) that preceded ACES, and  10 Dec 2019 A voter-led initiative to roll back tax breaks for Alaska's oil industry could become a proxy fight over the future of crude production in one of the  Oil production has been the engine of economic growth in Alaska. The oil and gas industry paid $3.1 billion in state and local taxes and royalties in FY 2019, 

SB21 - Oil and Gas Production Tax. "An Act relating to the interest rate applicable to certain amounts due for fees, taxes, and payments made and property delivered to the Department of Revenue; relating to appropriations from taxes paid under the Alaska Net Income Tax Act; providing a tax credit against the corporation income tax

16 Oct 2019 Alaska Lt. Gov. Kevin Meyer on Tuesday certified an initiative that would raise oil taxes by raising the minimum production tax and repealing a  Development of Alaska's ANWR would increase U.S. crude oil production after 2030 State severance tax revenues decline as fossil fuel prices drop  and sales taxes in each of the ten states, as they apply to oil production. Alaska collects an oil royalty in addition to the severance tax which we consider part of  Webmaster Note: Viewers wishing to find many of the presentations previously listed on this page can find them by clicking here for Senate Bill information and  20 Aug 2019 Alaska Group Proposes Initiative to Raise Oil Industry Tax that the proposed Fair Share Act would alter the state's 2014 oil-production tax.

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