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Alaska Alaska Qualifies In-state Oil Refinery Infrastructure Expenditures Tax Credit Instructions
Extracted from PDF file 2023-alaska-form-6328i.pdf, last modified February 2019Alaska Qualifies In-state Oil Refinery Infrastructure Expenditures Tax Credit Instructions
Instructions for Form 6328, Alaska Qualified In-State Oil Refinery Infrastructure Expenditures Tax Credit (AS 43.20.053) GENERAL INSTRUCTIONS Purpose of Form Use Form 6328 to calculate the potential current Qualified In-state Oil Refinery Infrastructure Expenditures Tax Credit. General Instructions Effective for tax years beginning after December 31, 2014, a taxpayer may claim a credit against its Alaska corporate income tax for qualified expenditures for in-state oil refinery infrastructures, under AS 43.20.053. The amount of credit is 40% of qualified expenditures, up to a maximum of $10,000,000 for each in-state refinery per tax year. 6100, the addback adjustment is part of the calculation for Alaska depreciation, which is entered on Schedule G, line 5c. For a taxpayer filing Form 6150, the addback is entered on Schedule H, line 4f, or is accounted for in the calculation of Alaska depreciation on Schedule G, line 5c. 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 4. See Form 6900 with associated instructions. Expenditures that qualify for this credit are those incurred in Alaska for the in-state purchase, installation, or modification of tangible personal property for the in-state manufacture or in-state transport of refined petroleum products, or petroleum-based feedstock. If the credit is not fully utilized, a taxpayer may request a refund for the excess credit or the credit may be carried forward for five additional tax years. 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. See Form 6900 with associated instructions. SPECIFIC INSTRUCTIONS Line 1: Enter one line for each in-state oil refinery for which a credit is claimed, as follows: Column A: Enter the name of the refinery. Column B: Enter the total amount of qualified expenditures incurred in Alaska in this tax year. Column C: Enter the lessor of the amount in Column B, or $25,000,000. Column D: Multiply the amount in Column C by 40%. Line 2: Enter the sum of all lines 1, Column D. Enter this amount on Form 6300, line 16. A taxpayer may not claim both a credit and a deduction for the same expenditures. Thus, expenditures for which a credit is claimed must be added back to apportionable income. For a taxpayer filing Form 6000, this addback is entered on Schedule H, line 4f. For a taxpayer filing Form 0405-6328i Rev 02/05/19
Form 6328i
More about the Alaska Form 6328i Corporate Income Tax Tax Credit TY 2023
Alaska Qualifies In-state Oil Refinery Infrastructure Expenditures Tax Credit Instructions
We last updated the Alaska Qualifies In-state Oil Refinery Infrastructure Expenditures Tax Credit Instructions in February 2024, so this is the latest version of Form 6328i, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 6328i directly from TaxFormFinder. You can print other Alaska tax forms here.
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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 6328i from the Department of Revenue in February 2024.
Form 6328i 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 6328i
We have a total of eight past-year versions of Form 6328i 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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