Severance taxes are taxes imposed on the removal of natural resources within a taxing jurisdiction. Severance taxes are most commonly imposed in oil producing states within Several U.S. states, including New Mexico, Wyoming, Colorado, Alaska and Montana, have created severance endowments. These range in size   5 Feb 2020 These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide. Alaska typically depends on severance tax revenue more than any other state. However, the price and production of oil was low in 2016, and thus so was its tax   11 Apr 2019 To provide a progressive tax structure, the legislation raised the production tax rate from 25 percent to 35 percent; application of the tax reductions  Oil and gas conservation and production tax severance taxes accounted for at least 1 percent of state tax collections in 2007, with Alaska leading the pack. 16 Oct 2019 Alaska Lt. Gov. Kevin Meyer on Tuesday certified an initiative that would raise oil taxes by raising the minimum production tax and repealing a 

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After recent tax increases, production tax constitutes the largest portion of the State of Alaska's revenues, approximately 88 percent of restricted and restricted  19 Aug 2019 The gross minimum production tax, which has kicked in in recent years when oil prices are low, would increase from 4% to between 10% and 15 

As the price of crude oil declines, so will gross revenues and our fair share of those gross revenues. Unfortunately, revenues under the production tax declined much more than the decline in the price of crude oil. Our net production tax revenues declined from $5.4 billion (2012) to -$0.5 billion (2017)

The state of Alaska collects four types of tax related to oil production: royalty, severance tax, corporate income tax, and property tax. We focus on the two largest: 

Alaska’s oil price-linked production tax is structured to act as a progressive net profits tax at higher market prices and as a gross tax that ensures the state makes some revenue at lower prices. Whichever calculation between the net profits calculation, with the per barrel credit that grows at low prices, and the simpler 4 percent gross tax is the one the state applies to tax North Slope oil.

Alpine production includes production from Alpine, Nanuq, Fiord and Qannik. 6: Volume of oil stored in tankage at the Valdez Marine Terminal. For information on Cook Inlet production volumes please see the AOGCC website or contact the Tax Division directly at 907-269-6620 The Alaska Oil and Gas Production Tax has been changed multiple times, particularly over the last 12 years. And each change in the statutes brings additional changes—and complications—to the regulations that the Alaska Department of Revenue (DOR) issues to implement the tax. Even the last few years are telling, The initiative would raise the minimum tax from 4% to between 10% and 15%, based on the price of oil. And it would eliminate oil tax credits for the Prudhoe Bay, Kuparuk and Alpine fields.

An above-ground section of the Trans-Alaska Pipeline System near the Toolik Lake Research Station in the North Slope Borough. A proposed initiative would increase state taxes on major North Slope oil fields. A group has proposed an initiative that would raise state taxes on the largest oil companies.

As the price of crude oil declines, so will gross revenues and our fair share of those gross revenues. Unfortunately, revenues under the production tax declined much more than the decline in the price of crude oil. Our net production tax revenues declined from $5.4 billion (2012) to -$0.5 billion (2017)

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