Alaska Administrative Code
Title 11 - Natural Resources
Part 6 - Lands
Chapter 83 - Oil and Gas Leasing
Article 2 - Net Profit Share Leasing
11 AAC 83.220 - Development account credits
Current through November 28, 2024
(a) For purposes of (b) and (c) of this section, a lessee's qualified development costs are development costs as defined in 11 AAC 83.219 less
(b) A lessee's qualified development costs incurred during a month after March 2006 and before January 2014 generate a credit against the development account in that month. Except as otherwise provided in this subsection, the credit is equal to 20 percent of the qualified development costs. For a month after June 2007 and before January 2014, half of the credit is discounted for one year based on the annualized monthly interest rate for the development account applicable to the month the qualified development costs are incurred. In addition, the commissioner may approve a discount to the credit if the lessee shows by clear and convincing evidence that the lessee cannot either
(c) In addition to the credit provided under (b) of this section, a lessee's qualified development costs incurred during a month before commercial production commences and after March 2006 generates a credit against the development account in that month. For a month before July 2007, the credit is equal to 20 percent of the qualified development costs. For a month after June 2007 and before January 2014, the credit is equal to 25 percent of the qualified development costs. For a month after December 2013, the credit is equal to 35 percent of the qualified development costs. The commissioner may approve a discount to the credit if the lessee shows by clear and convincing evidence that the lessee cannot either
Authority:AS 38.05.020
AS 38.05.180