FOR IMMEDIATE RELEASE
July 10, 2009
Media Contact: Cherie Nienhuis, Asst Chief Economist, 907.269.1019
Lacy Wilcox, Communications Assistant, 907.465.2301
Alaska Supports Oil & Gas Investment
Department of Revenue released today the amount of refundable oil and gas tax
credits under ACES for the fiscal year 2009.
Fifteen new oil and gas explorers received $193 million in cash from the state of
Alaska for their oil and gas tax credits earned through the investments they made
exploring for and developing new oil and gas fields in the state. Of this amount, $19
million was for credits under the Exploration Incentive Credits program (EIC) and
$174 million was for capital investments credits under the ACES production tax
In addition, hundreds of millions of dollars in ACES tax credits were taken by
companies already producing oil and gas in Alaska who have made new additional
investments. These tax credits were used by the companies as offsets to their tax
liabilities, and did not require payment from the state.