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Alaska Gas Storage Facility Tax Credit (Obsolete)
Form 6321 is obsolete, and is no longer supported by the Alaska Department of Revenue.
Extracted from PDF file 2015-alaska-form-6321.pdf, last modified July 2015Gas Storage Facility Tax Credit (Obsolete)
Alaska Gas Storage Facility Tax Credit (AS 43.20.046) Form 2015 6321 To be attached to corporate or partnership return EIN Name Shown On Return Location Of Facility Date Commercial Operations Commenced Part I: Claiming Credit Qualifying Data: a. Was the facility in operation as a gas storage facility before 1/1/2011? . . . . . . . yes no b. Is the facility regulated under AS 42.05 as a public utility? . . . . . . . yes no c. Is the facility located on state land and subject to a lease under AS 31.05.180? . . . . yes no If the answer to question c is “yes,” is the gas storage facility in compliance with the terms of the lease? . . . . . . . . . . . . . . . . . . . . . . . . . . yes no d. 1. Working gas capacity of facility (1,000s of cubic feet) . . . . . . . . . . . . . . . . . 1 2. Credit available before limitations. Multiply line 1 by $1.50 . . . . . . . . . . . . 2 3. Cost incurred to establish facility . . . . . . . . . . . . . . . . 3 4. Credit limitation based on cost. Multiply line 3 by 25% . . . . . . . . . . . . . . 4 5. Overall credit limitations. Enter the lesser of line 4 or $15,000,000 . . . . . . . . . . 5 6. Tentative credit. Enter the lesser of line 2 or line 5 (see instructions). . . . . . . . . . 6 7. Credit taken in earlier tax years . . . . . . . . . . 7 8. Net credit available for this tax year. Subtract line 7 from line 6 (see instructions) . . . . . 8 . . . . . . . . . . . . . . . . . Part II: Increase To Tax For Early Cessation Of Operations Completion of Part II constitutes notice to the Department of Revenue of early cessation of operations required under AS 43.20.046(j) e. Date that commercial operations ceased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10. Number of years that facility was in commercial operation . . . . . . . . . . . . . 10 11. Subtract the number of years on line 10, from 10 years and enter the difference here. . . . . 11 12. Divide line 11 by 10 9. Total amount of the credit taken in previous tax years . . . . . . . . . . . . . 12 13. Increase to tax. Multiply line 9 by line 12 (see instructions) . . . . . . . . . . . . . 13 . . . . . . . . . . . . 0405-6321 Rev 01/01/16
6321
More about the Alaska Form 6321 Corporate Income Tax Tax Credit
Gas Storage Facility Tax Credit (Obsolete)
We last updated the Gas Storage Facility Tax Credit (Obsolete) 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.
Related Alaska Corporate Income Tax Forms:
TaxFormFinder has an additional 30 Alaska income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Alaska Form 6321.
| Form Code | Form Name |
|---|---|
| Form 6321i | Gas Storage Facility Tax Credit Instructions (Forms 6321 & 6322) (Obsolete) |
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 6321 from the Department of Revenue in April 2021.
Form 6321 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 6321
We have a total of seven past-year versions of Form 6321 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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