AK HB191

Creates a new Chapter 43.21 establishing a corporate income tax on oil and gas production and pipeline transportation, applicable to taxable income earned after December 31, 2015.

Defines taxable income for oil and gas production using gross value at point of production, less royalties, production taxes, property taxes, operating costs, depreciation, and other specified deductions.

Adopts the Federal Internal Revenue Code (26 U.S.C. sections 1-1399 and 6001-7872) by reference as the basis for calculating taxable income, subject to modifications in the chapter.

Establishes tax rates from AS 43.20.011(e), allows application of certain tax credits, and requires corporations to file returns within 30 days after federal returns are due.

Repeals former AS 43.20.144 (previous oil and gas income tax provisions) and provides for a transition period to prevent double taxation when corporations shift from the old to new tax system.