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Alaska Incentive Credits Summary

Alaska Incentive Credits Summary 2025

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The document outlines the Alaska Incentive Credits for the year 2017, detailing various tax credits available for gas exploration, manufacturing, education, oil and gas service industries, mining, veteran employment, film production, and LNG storage. It provides a structured format for calculating and applying these credits against state income tax liabilities.

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What is the tax rate on oil in Alaska?

Alaskas tax is an attempt to capture the true economics of a project or production. Our tax rate is 35 percent. If oil falls below $80 per barrel, oil companies receive an $8 dollar tax credit to offset the 35 percent tax.

What are the incentives for living in Alaska?

Alaskas incentive program dates back to 1976, and its called the Permanent Fund Dividend. How much do you get paid to live in Alaska? In the past, citizens have qualified for up to $1,600 for simply living in Alaska. For 2024 residents, however, the amount will be $1,702.

What are tax credit incentives?

A tax credit is an amount taxpayers claim on their tax return generally to reduce their income tax. Eligible taxpayers can use them to potentially reduce their tax bill and increase their refund.

What is the Alaska oil and gas tax credit?

A producer may apply the Per Barrel Credit against production tax liability on a monthly basis. The amount of the credit ranges from $8 to $0 per taxable barrel, depending on the price of oil.

What is the gas tax credit?

Businesses get a refundable credit for fuel used in a specific work-related activity with the Fuel Tax Credit. To qualify, you must: Own or operate a business. Meet certain requirements, such as running a farm or purchasing aviation gasoline.

What are the tax benefits of Alaska?

Alaska does not have a state sales tax but has an average combined state and local sales tax rate of 1.82 percent. Alaska has a 1.07 percent effective property tax rate on owner-occupied housing value. Alaska does not have an estate tax or inheritance tax.

What is the IRS depletion allowance for oil and gas?

Percentage Depletion Allowance For oil and gas royalty owners, percentage depletion is calculated using a rate of 15% of the gross income based on your average daily production of crude oil or natural gas, up to your depletable oil or natural gas quantity.

How much is the Alaska oil payment?

The $1,702.00 amount includes the permanent fund dividend in the sum amount of $1,403.83, and a one-time energy relief payment of $298.17 added by the Legislature in 2023. Over 600,000 Alaskans have already been determined eligible for this years distribution.

Alaska Incentive Credits Summary 2025

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