(a) The following are exempt from local taxes levied or authorized under Alaska Stat. § 43.56.010(b):

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Terms Used In Alaska Statutes 43.56.020

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) property rights attached to or inherent in the right to explore for or produce oil or gas;
(2) oil or gas leases or properties, whether producing or not;
(3) oil or gas in place;
(4) oil or gas produced or extracted in the state;
(5) the value of intangible drilling expenses and exploration expenses;
(6) an interest in property described in Alaska Stat. § 43.55.017(a).
(b) There is exempt from state taxes levied or authorized under Alaska Stat. § 43.56.010(a), before the construction commencement date, property that is committed by contract or other agreement for use in this state primarily for the production or pipeline transportation of gas or unrefined oil, or in the operation or maintenance of facilities for the production or pipeline transportation of gas or unrefined oil.
(c) In (a)(2) of this section, “properties” means mineral interests in oil and gas and working interests, royalty interests, and overriding royalty interests in oil and gas leases.
(d) Taxable property of a natural gas pipeline project owned or financed by the Alaska Gasline Development Corporation or a joint venture, partnership, or other entity that includes the Alaska Gasline Development Corporation is exempt from state taxes levied or authorized under Alaska Stat. § 43.56.010(a) and municipal taxes levied or authorized under Alaska Stat. § 43.56.010(b) before the commencement of commercial operations of that natural gas pipeline project. In this subsection, “commencement of commercial operations” means the first flow of natural gas in the project that generates revenue to the owners of the natural gas pipeline project.
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