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, with overhauls of the tax structure in 2013, 2016 and again in 2017, and debate about several production tax bills this legislative session. This uncertainty dramatically impacts the oil and gas industry in Alaska and investment in the state.

The oil and gas production tax structure is a critical consideration for oil and gas explorers and producers in Alaska due to its impact on project economics. It has been and will likely continue to be an area of uncertainty, and the Department of Revenue has finalized one set of regulations to implement House Bill 111, which passed last year, and has published a second set of draft regulations that govern carried-forward annual production tax losses that can be accrued starting in 2018.

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