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Instructions for Form 662SF Alaska Mining License Tax Return

Instructions for Form 662SF Alaska Mining License Tax Return 2025

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The document provides instructions for completing Form 662SF, the Alaska Mining License Tax Return Short Form. It outlines recent changes to the form, including new checkboxes and updated sections for electronic payments and tax credits. The document details who must file the return, the filing process, penalties for late submissions, and specific instructions for calculating taxes based on mining operations. Additionally, it explains legislative changes affecting interest rates on delinquent taxes and introduces a film production tax credit that can be claimed against tax liabilities.

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How is mining taxed?

Mining rewards are taxed as ordinary income at their fair market value on the day you receive them. For instance, if you mined 0.5 BTC on June 20th, 2024, US taxpayers will typically owe income tax based on the price of Bitcoin in dollar terms on that date.

How do mining claims work in Alaska?

The following tasks must be done to locate and maintain a mining claim on Alaska State land: o A discovery of minerals on the property must occur; o The claim must be properly staked ing to State statutes and regulations; o A certificate of location must be recorded in the Recording District Office in which the

What are the royalties for mining in Alaska?

In Alaska, production royalties are 3% of a miners net income as calculated through the Mining License Tax. From that 3%, miners can deduct the rent they pay to the state for their claim/lease that produced the mineral. Production royalties are due May 1 of every year.

What is the mining law in Alaska?

Like federal mining law, Alaska mining laws provide for nonexclusive access to State-owned lands for prospecting, an exclusive right to develop a discovery, and security of tenure. A mining location may be staked for any locatable mineral (all metallic and most nonmetallic industrial minerals) under Alaska mining law.

What is the mining tax in Alaska?

The State of Alaska calculates the tax that it levies on different natural resource industries in dramatically different ways. A profitable large mine pays a flat $4000, plus 7% of its net income over $100,000. Oil and gas producers pay 25% of net production value.