Sec. 43.20.044. Exploration credits.
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Sec. 43.20.044. Exploration credits.
(a)A taxpayer may apply as a credit against the tax levied under this chapter
(1)the exploration incentive credit authorized by AS 27.30 ;
(2)an alternative tax credit for oil and gas exploration earned by the taxpayer under AS 43.55.025 for exploration expenditures incurred for work performed on or after July 1, 2016.
(b)In a tax year in which a taxpayer applies against the tax levied under this chapter the exploration incentive credit authorized by AS 27.30 , the commissioner shall require the taxpayer to submit the accounting of mining operation activities form required by AS 27.30.030 (b).