Title: Restructures Oil Tax and Credit System
Signed by Governor Bill Walker
Title: Restructures Oil Tax and Credit System
Title: Restructures Oil Tax and Credit System
Title: Restructures Oil Tax and Credit System
Vote to concur with Senate amendments and pass a bill that restructures the oil tax and credit system.
Specifies that the state oil and gas fund cannot be used to purchase tax credit certificates for credits earned after January 1, 2018 (Sec. 18).
Authorizes taxpayers to apply an alternative oil and gas exploration tax credit earned for expenditures prior to July 1, 2016 (Sec. 2).
Authorizes taxpayers to apply various tax credits earned under this chapter to an applicable tax at any time provided that such tax burden is for a calendar year prior to the year in which the credit was earned and such tax has not been to subject to litigation (Sec. 4, 7, & 14).
Specifies that production tax credits earned for exploration expenses prior to July 1, 2016 may be used to lessen an individual’s tax burden, provided that the tax burden for a given year is not reduced below zero (Sec. 15).
Extends a taxpayer’s ability to transfer unused tax credits to another individual indefinitely (Sec. 6).
Title: Restructures Oil Tax and Credit System
Vote to pass with amendment to a bill that restructures the oil tax and credit system.
Specifies that the state oil and gas fund cannot be used to purchase tax credit certificates for credits earned after January 1, 2018 (Sec. 18).
Authorizes taxpayers to apply an alternative oil and gas exploration tax credit earned for expenditures prior to July 1, 2016 (Sec. 2).
Authorizes taxpayers to apply various tax credits earned under this chapter to an applicable tax at any time provided that such tax burden is for a calendar year prior to the year in which the credit was earned and such tax has not been to subject to litigation (Sec. 4, 7, & 14).
Specifies that production tax credits earned for exploration expenses prior to July 1, 2016 may be used to lessen an individual’s tax burden, provided that the tax burden for a given year is not reduced below zero (Sec. 15).
Extends a taxpayer’s ability to transfer unused tax credits to another individual indefinitely (Sec. 6).
Title: Restructures Oil Tax and Credit System
Vote to pass a bill that restructures the oil tax and credit system.
Title: Restructures Oil Tax and Credit System