1. (a) For purposes of applying a percentage limitation under AS 43.55.023(e) on the use of tax credits against a tax levied by AS 43.55.011(e), a producer shall, subject to 15 AAC 55.335(g),

   1. (1) first, apply all tax credits allowable against the tax levied by AS 43.55.011(e) other than credits subject to a percentage limitation under AS 43.55.023(e);
   2. (2) repealed 3/1/2017;
   3. (3) second, apply a credit subject to a percentage limitation under AS 43.55.023(e) against not more than 20 percent of the balance of the remaining tax liability under AS 43.55.011(e), if any.
2. (b) Repealed 3/1/2017.

3. (c) Except as provided under (a) of this section, and subject to 15 AAC 55.335(g), a producer may apply tax credits in any order, if the producer submits with the statement required under AS 43.55.030(a) a separate schedule setting out the order in which the tax credits are applied. In the absence of that schedule, tax credits must be applied in the following order:

   1. (1) first, any credit under AS 43.55.024(a);
   2. (2) second, any credit under AS 43.55.024(c);
   3. (3) third, for a calendar year after 2013, any credit under AS 43.55.024(i);
   4. (4) fourth, any credit under AS 43.55.019;
   5. (5) fifth, for a calendar year after 2013, any credit under AS 43.55.024(j);
   6. (6) sixth, any credit under AS 43.55.025;
   7. (7) repealed 3/1/2017;
   8. (8) seventh, any credit under AS 43.55.023(a);
   9. (9) eighth, any credit under AS 43.55.023( l);
   10. (10) ninth, any credit under AS 43.55.023(b), as the provisions of that subsection read before January 1, 2018;
   11. (11) repealed 3/1/2017;
   12. (12) repealed 3/1/2017;
   13. (13) tenth, any credit under AS 43.55.023(e).

(Eff. 5/3/2007, Register 182; am 10/21/2009, Register 192; am 9/14/2012, Register 203; am 12/25/2013, Register 208; am 3/1/2017, Register 221; am 12/6/2018, Register 228)

Authority: AS 43.05.080, AS 43.55.024, AS 43.55.110, AS 43.55.023, AS 43.55.025