(a) Notwithstanding Alaska Stat. § 29.35.670(a) or other provision of law, a producer that is a municipal entity is subject to taxation and payment of surcharges under this chapter for oil and gas that it sells to another party.
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Terms Used In Alaska Statutes 43.55.895

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
(b) A municipal entity subject to taxation because of this section

(1) is eligible for tax credits proportionate to its production taxable under Alaska Stat. § 43.55.011(e); and
(2) shall allocate its lease expenditures in proportion to its production taxable under Alaska Stat. § 43.55.011(e).
(c) In this section, “municipal entity” means a municipality, municipally owned utility, public corporation of a municipality, or entity established by more than one municipality.
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