Alaska DOR Issues Responses Concerning Notice on Oil, Gas Production Tax, Oil Surcharge Regulations

The Alaska Department of Revenue (DOR) Oct. 26 issued responses to questions received for proposed changes to certain excise tax regulations to align with S.B. 138. The DOR responded that: 1) it will review the regulations to remove redundant references; 2) the lease expenditures to produce both oil and gas outside of the Cook Inlet sedimentary basin, with certain exceptions, are attributable to the production tax value of oil beginning on and after Jan. 1, 2022; 3) the levy of excise tax for gas and oil produced from the basin will still be limited and certain leases or properties outside ...