Loss Carry Forward Credit Against Production Revenue Account (LCC) is used to calculate the loss carry forward credit against production revenue when a lessee has a loss after the commencement of commercial production and includes variation based on the production month. Report the Petroleum Production Tax allowance loss against Revenue Account (PT PTLR) amount. If the TWIO” or TOI” does not equal zero ( 0 ), and the “PT “PR production month is greater than December 2016, then report the greater of the sum of NDCPT” + TPTD” + GVPOP” or zero ( 0 ), otherwise report the max “PT “PT “PT of PTNR” or zero ( 0 ). “PT Report the Petroleum Production Tax lease allowance loss against Revenue Account Credit (PT PTLRC) amount. - If the Month” is before July 2007, then report 20% times PTLR.” “Production “PT If the Month” is before January 2014, then report the product of - 25% “Production times PTLR.” “PT If the is equal to or after January 2014, then report the product of - “Production 35% times PTLR.” “PT Petroleum Production Tax Development Account Credits (PPC) is used to calculate the development account credits based on qualified capital expenditure credits and loss carry forward credits. Report the Petroleum Production Tax Lease Allowance Development Account Credits (PT PTDC) amount by summing QCEC” and PTLBC.” “PT “PT Prior Production Month Revisions: Interest will be assessed and reported on all net profit payments paid after the due date. The interest rate and method used on over/under payment amounts will be based on the rate specified in the lease or the statute in effect for NPS leases in accordance with regulation 11 AAC 83.245(d). Full Reporting: Full reporting that the information for a NPSL filing is always complete for every filing. In order to be complete all data items must be complete on all applicable report forms for the appropriate status for the NPSL lease being reported. Note that Control Numbers should be used on all filings, and that the Control Number on all the reports for each revision should be the same for all reports for all leases. See your myAlaska site for how to create a Control Number. NPSL Lease Status: The content of a complete NPSL Report filing varies depending on the status of the lease.
Loss Carry Forward Credit Against Production Revenue Account (LCC) is used to calculate the loss carry forward credit against production revenue when a lessee has a loss after the commencement of commercial production and includes variation based on the production month. Report the Petroleum Production Tax allowance loss against Revenue Account (PT PTLR) amount. If the “PT TWIO” or “PR TOI” does not equal zero ( 0 ), and the production month is greater than December 2016, then report the greater of the sum of “PT NDCPT” + “PT TPTD” + “PT GVPOP” or zero ( 0 ), otherwise report the max of “PT PTNR” or zero ( 0 ). Report the Petroleum Production Tax lease allowance loss against Revenue Account Credit (PT PTLRC) amount. If the “Production Month” is before July 2007, then report - 20% times “PT PTLR.” If the “Production Month” is before January 2014, then report the product of - 25% times “PT PTLR.” If the “Production is equal to or after January 2014, then report the product of - 35% times “PT PTLR.” Petroleum Production Tax Development Account Credits (PPC) is used to calculate the development account credits based on qualified capital expenditure credits and loss carry forward credits. Report the Petroleum Production Tax Lease Allowance Development Account Credits (PT PTDC) amount by summing “PT QCEC” and “PT PTLBC.” Prior Production Month Revisions: Interest will be assessed and reported on all net profit payments paid after the due date. The interest rate and method used on over/under payment amounts will be based on the rate specified in the lease or the statute in effect for NPS leases in accordance with regulation 11 AAC 83.245(d). Full Reporting: Full reporting that the information for a NPSL filing is always complete for every filing. In order to be complete all data items must be complete on all applicable report forms for the appropriate status for the NPSL lease being reported. Note that Control Numbers should be used on all filings, and that the Control Number on all the reports for each revision should be the same for all reports for all leases. See your myAlaska site for how to create a Control Number. NPSL Lease Status: The content of a complete NPSL Report filing varies depending on the status of the lease.
Detailed_Instructions_on_PT_Form_201708web.docx