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Alaska Alaska Oil and Gas Qualified Service Industry Expenditure Credit
Extracted from PDF file 2023-alaska-form-6327.pdf, last modified July 2018Alaska Oil and Gas Qualified Service Industry Expenditure Credit
Form 6327 Alaska Qualified Oil and Gas Service Industry Expenditure Credit (AS 43.20.049) For calendar year _____ or the taxable year beginning _________, _____, ending __________, ____ EIN Name Shown on Return 1. Qualified oil and gas service industry expenditures incurred in Alaska in this tax year . . . . . 1 2. Enter lesser of line 1 or $100,000,000 (see instructions) . . . . . . . . . . . . . . 2 3. Tentative current year credit. Multiply line 2 by 10% . . . . . . . . . . . . . . . 3 . Report the amount on line 3 as indicated below: • Corporations, Form 6300, line 11 • Partnerships, Form 6900, Schedule A, line 14 GENERAL INSTRUCTIONS SPECIFIC INSTRUCTIONS Purpose of Form Use Form 6327 to calculate the potential current Qualified Oil and Gas Service Industry Expenditure Credit. Complete one Form 6327 for each corporation that incurred qualifying expenditures in Alaska. Attach additional Forms 6327 as necessary. General Instructions Effective for tax years beginning after December 31, 2013, a taxpayer may claim a credit against its Alaska corporate income tax for qualified oil and gas service industry expenditures under AS 43.20.049. The amount of credit is 10% of qualified expenditures, up to a maximum of $10,000,000 per tax year. Line 1: Enter the total amount of qualified expenditures incurred in Alaska in this tax year. Expenditures that qualify for this credit are those incurred in Alaska which are directly attributable to the in-state manufacture or modification of tangible personal property with a useful life of three years or more and used to explore, develop or produce oil or gas. Qualifying expenditures include services and supplies used to manufacture or modify tangible personal property. Qualifying expenditures do not include components or equipment used in the process of the manufacturing or modification, and do not include expenditures for facilities. If the credit is not fully utilized, it may be carried forward for five years. If a portion of the credit is carried forward to a subsequent year, and additional qualified expenditures are made in that subsequent year, the taxpayer may claim a maximum of $10,000,000 in that subsequent year. Line 2: Enter on line 2 the lesser of line 1 or $100,000,000. This is the amount of expenditures that are the basis of any potential credit. The taxpayer may not claim a deduction when calculating Alaska corporate net income tax for an expenditure that is the basis of a service industry credit. The amount on line 2 must be added back to Alaska taxable income. Enter the amount from line 2 on the appropriate schedule as follows: Form 6000 Form 6100 Form 6150 Schedule H, line 4e Schedule G, line 3h Schedule G, line 3h or Schedule H, line 4e If the expenditure is incurred by an entity taxed as a partnership, the expense add-back is reported on Form 6900 Alaska Partnership Return on Schedule A, line 3. See Form 6900 with associated instructions. Line 3: Multiply line 2 by 10%. This is the tentative credit generated in this tax year. If the expenditure is incurred by an entity taxed as a partnership, the credit is reported on Form 6900 Alaska Partnership Return, and may be claimed by a corporate partner to offset the Alaska corporate tax of that partner. 0405-6327 Rev 01/01/19
Form 6327
More about the Alaska Form 6327 Corporate Income Tax Tax Credit TY 2023
Alaska Oil and Gas Qualified Service Industry Expenditure Credit
We last updated the Alaska Oil and Gas Qualified Service Industry Expenditure Credit in February 2024, so this is the latest version of Form 6327, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 6327 directly from TaxFormFinder. 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 6327 from the Department of Revenue in February 2024.
Form 6327 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 6327
We have a total of eight past-year versions of Form 6327 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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