I recently attended two days of federal oil and gas tax courses in Houston, Texas. The “Parker C. Fielder” conference brings government tax experts together with industry representatives to discuss the latest enforcement and tax issues. The conference presentations focus on cost recovery, partnerships and how the choice of a business form affects taxes, and investing and financing in the oil and gas industry. Oil companies doing business in Alaska are affected by both federal and state tax laws.
Lessons learned include suggesting a similar conference in Alaska focused on state oil and gas tax laws, effective methods for issuing tax guidance and avoiding unnecessary disputes, and how business entity form can affect taxes. It is always helpful for legislators to stay informed and up to date on oil and gas taxes, which are a main source of revenue for the State of Alaska and to the Alaska Permanent Fund.
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