PPT regulations out for comment, hearing set

The Alaska Department of Revenue said Nov. 13 that it has proposed regulations for the new oil and gas production tax passed by the Legislature in August out for review, and has scheduled a hearing in January to take comments on the regulations. The department said many of the proposed regulations changes would apply retroactively to April 1, 2006, although in some cases the changes are proposed to apply retroactively to March 1, 2007, in the event changes take effect after that date.

The proposed regulation language is available online at www.legis.state.ak.us/folhome.htm. Select “The Alaska Administrative Code,” “Title 15 Revenue” and then “Chapter 55 Oil and Gas Properties Production Tax.”

The department is seeking public comment on the proposed regulations.

Written comments may be submitted to Gary Rogers, Tax Division, Department of Revenue, State of Alaska, 550 W. 7th Ave., Ste. 500, Anchorage, AK 99501, or by email to: [email protected] or by facsimile to: (907) 269-6644, attention Gary Rogers, Tax Division. Rogers is also the contact for a copy of the proposed regulations.

The department said comments must be received by 5 p.m. Jan. 17, 2007, and noted that both written and oral comments received are public records and are subject to public inspection.

The department will also take oral or written comments at a public hearing Jan. 11-12 in Room 240, 550 W. 7th Ave., Anchorage, Alaska. The hearing will be held on both days from 9 a.m. to 12 p.m. and the department said the hearing might be extended to accommodate those present before 12:00 p.m. who have not had an opportunity to comment. Comments in the public hearing may be made by phone. The number is (800) 315-6338. When prompted for the code enter 1014#.