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Alaska Gas Exploration and Development Tax Credit and Instructions
Form 6320 is obsolete, and is no longer supported by the Alaska Department of Revenue.
Extracted from PDF file 2015-alaska-form-6320.pdf, last modified September 2015Gas Exploration and Development Tax Credit and Instructions
Alaska Gas Exploration and Development Tax Credit (AS 43.20.043) Form 2015 6320 EIN Name Shown On Return Name of Gas Reservoir A Location B First Production C Qualified Investment D Qualified Services E Total Qualified Expenditures F 1. 2. Total qualifying expenditures. Add amounts on line 1 column F . . . . . . . . . . . . . 2 3. Tentative current year credit. Multiply line 2 by 25% . . . . . . . . . . . . . 3 . . . Report the amount on line 3 as indicated below: Corporations—Form 6300, line 2a Partnerships—Form 6900, Schedule A, line 12 Instructions for Form 6320, Gas Exploration and Development Tax Credit GENERAL INSTRUCTIONS Purpose of Form Use Form 6320 to calculate the potential current gas exploration and development tax credit. What’s New Form 6320 has been redesigned to accommodate credit being claimed for multiple gas reservoirs. General Instructions An incentive credit is available for gas exploration and development costs to produce gas reserves lying south of 68 degrees North latitude. The credit reported on this form is for costs incurred after December 31, 2009. The credit is claimed by filing this form with a timely filed or amended tax return for the year in which the qualified capital investment is made, or for the year immediately following the year in which the qualified capital investment is made. The credit is not transferrable unless the taxpayer’s business is acquired by another taxpayer. The credit may be carried over for five years. SPECIFIC INSTRUCTIONS Line 1: In column A, enter the name of the gas reservoir. In column B, enter the location of the gas reservoir. To claim the credit, the gas reservoir must lie south of 68 degrees North latitude. In column C, enter the date that gas was first produced by the reservoir. In column D, enter the expenditures for real property or tangible personal property used in this state for the exploration and development of the gas reserve. Expenditures for a given reserve are claimed from the date the property is placed in service, and may continue through the date of first commercial production, or the date of determination that commercial production is not capable. In column E, enter the expenditures for labor, seismic, and other services that are directly applicable to a qualified capital investment. Do not include lease operating expenses. Expenditures for qualified services are allowed in the year the qualified capital investment is first claimed, and in subsequent years. Line 2: Add the amounts on line 1 column F. Line 3: Multiply line 2 by 25%. Report this amount as follows: • • Corporations—Form 6300, line 2a Partnerships—Form 6900, Schedule A, line 12 0405-6320 Rev 01/01/16
6320
More about the Alaska Form 6320 Corporate Income Tax Tax Credit
Gas Exploration and Development Tax Credit and Instructions
We last updated the Gas Exploration and Development Tax Credit and Instructions in April 2021, and the latest form we have available is for tax year 2015. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Alaska Department of Revenue. You can print other Alaska tax forms here.
Other Alaska Corporate Income Tax Forms:
TaxFormFinder has an additional 30 Alaska income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 6000 | Alaska Corporation Net Income Tax Return |
| Form 6000i | Forms 6000 and 6020 (Formerly Forms 611 and 611SF) Alaska Corporation Net Income Tax Return Instructions |
| Form 6100 | Oil and Gas Corporation Net Income Tax Return |
| Form 6240 | Payment Voucher-Corporation Net Income Tax |
| Form 6220i | Underpayment of Estimated Tax by Corporations Instructions |
View all 31 Alaska Income Tax Forms
Form Sources:
Alaska usually releases forms for the current tax year between January and April. We last updated Alaska Form 6320 from the Department of Revenue in April 2021.
Form 6320 is an Alaska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Alaska Form 6320
We have a total of seven past-year versions of Form 6320 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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