Revenue posts changes to comply with law

The Alaska Department of Revenue is proposing changes to regulations affecting oil and gas production tax to implement changes resulting from passage of House Bill 111 in July.

The department said the changes relate to interest for delinquent taxes and overpayments, limitations on purchases of certain tax credit certificates, conditional tax credit certificates, changes in the applicability of tax credits, incorporation of transitional language to implement certain changes and conforming and clarifying changes.

Regulatory changes proposed for adoption were released Sept. 27.

The department said written comments are due by 4 p.m. Nov. 1.

Written or oral comments may also be submitted at an Oct. 17 hearing, scheduled for the East Hearing Room of the Regulatory Commission of Alaska. The hearing is scheduled from 9 a.m. to noon, and may be extended to accommodate those present before 10 a.m. who did not have an opportunity to comment.

A toll-free conferenced number, 1-800-315-6338, PIN code 40720#, will be available for the hearing.

Questions on the proposed regulations must be received at least 10 days before the end of the public comment period and the department said it would aggregate responses to substantially similar questions and make questions and responses available on the Alaska Online Public Notice System and on the Tax Division website at www.tax.alaska.gov.

The proposed regulation changes are also available on that website.

Some of the statutes that are the subject of the proposed regulation changes have an effective date of Jan. 1 and the department said its aim is to have the proposed regulations take effect on Jan. 1, but if regulations are not in effect by that time the department will specify that certain regulations are retroactive to Jan. 1.

- Petroleum News