After the budget amount is reduced by subtracting revenue sources, the residual is the amount required to be raised by the property tax. What steps can states take to reduce revenue volatility. While 2007 brought record net earnings and excellent increases in our real estate and passenger services business, it also heralded the start of a gradual erosion in key revenue sources. Feb 03, 2020 in 2019, facebooks revenue amounted to 70. Alaskas oil production tax institute of social and economic. American airlines and alaska air join forces to take on. Both the new oil production tax, known as sb21 or mapa more alaska production act, and the one it replaced last yearaces alaskas clear and equitable sharehave the same tax. Fy2019 annual report for alaska tobacco prevention and. Fall 2019 revenue sources book alaska journal of commerce. Rebounding economy fills state coffers with record tax. View the latest alk financial statements, income statements and financial ratios. The alaska permanent fund corporation is a government instrumentality of the state of alaska created to manage and invest the assets of the alaska permanent fund and other funds designated by law.
Understanding alaskas budget understanding alaskas revenue. The alaska department of revenue collects revenue from companies engaged in extraction, with verification from the oil and gas division, and publishes an annual report and revenue sources book pdf. Can an oilrich economy reduce its income inequality. Alaskas money managers top oil industry in state revenues. University of alaska general revenue refunding bonds, 2012 series r introduction the purpose of this official statement, including the cover page and the appendices hereto, is to furnish information regarding the issuance of the university of alaska general revenue refunding bonds, 2012. The timeline presents data on ebook sales revenue generated in the united states from 2008 to 20, as well as a forecast until 2018. This includes both the juneau and anchorage offices and lobbies. Tourism research alaska department of commerce, community. Mill rates are calculated by directing the governing body to determine the budget requirements and identifying all revenue sources. Rebounding economy fills state coffers with record tax revenues. Alaska department of revenue, revenue sources book, multiple years. Department of revenue archived press releases and publications. Tax revenues increased in all but five states in fiscal year 2012, with some recording noticeable gains.
The tax division offices are closed to the public until further notice. The revenue sources book rsb provides alaskans with a report of historical. The revenue sources book will be available to download by close of business december 4 on the departments website, at. Alaska department of revenue tax division revenue sources. Whether drilling a well, building a facility to gather new oil, or installing a pipe to transport new oil, tax credits help companies offset investment risks that companies make in alaska. Rodell presented the senate finance committee with the states 10year production estimates, released to the public last fall in a document known as the revenue sources book, something of a. Department of revenue revenue sources book fall 20. American airlines and alaska air join forces to take on delta american airlines is weak in the pacific northwest, while alaska airlines needs a better option for serving its customers. To ensure the states resources are invested in a way that produces results which advance the governors priorities.
Department of revenue releases fall 2018 revenue sources book. Alaska visitor statistics program the avsp is a yearlong study of outofstate visitors to alaska that includes 1 a visitor survey 201112 and 200607 that provides visitor demographics, expenditures, opinions and trip planning information and 2 annual visitor volume estimates. The alaska railroad is on solid financial ground and continuing effective efforts to position itself to respond to uncertain economic challenges. Fall 2014 revenue sources book press release 121014 click here for the fall 2014. Department of revenue releases spring 2019 forecast. Fact books university of alaska anchorage university of. Department of revenue releases fall 2019 revenue sources book.
The social networks main source of income is digital advertising. Overview, history, and forecast presentation to forum on alaskas fiscal future october 4, 2014 john tichotsky, ph. Alaska department of revenue tax division reports page. Jan 21, 2016 alaska airlines flies high with record profits. Alaska seafood united fishermen of alaska industry taxes. Note that department of revenue sources book lists only the amount retained by the state on these taxes, while the annual. Links to fiscal year 2014 proposed budget documents including fy14 summaries, capital and operating reports, mental health budget, and. The state legislative committee for the alaska oil and gas association actively monitors state legislation that will have an impact on the industry in alaska. Alaska airlines flies high with record profits puget sound. Department of revenue releases spring 2020 forecast. State of alaska office of management and budget homepage. Click on any of the links below to explore the fy2021 budget documents. A breakdown of education funding, sources and spending in.
Alaska is one of seven states without a personal income tax, one of only five states without a state sales tax, and the only state with neither. Derived from alaska department of revenue, revenue sources book, fall 20, table e1a. Fiscal year 2021 amended budget office of management and. Prepares annual capital and operating budget, training materials, guidelines, and budget submission timetables for executive branch agencies. For more information on the alaska state legislature, you may visit. The alaska state legislature this web site is the place to track bills, locate and contact your legislators session interim, and access committee information. The presentation will cover a summary of charitable gaming in alaska, an. The alaska department of revenue tax division collects state taxes, including the oil and gas production tax and oil and gas property tax, and administers tax laws. The department of revenue, tax division will be conducting a presentation from 1. Census bureau recently released its annual survey of school system finances, depicting revenues and spending for all public elementary. Here are examples of recent testimony aoga has given on important issues. Alaska department of revenue permanent fund division.
Alaska is, therefore, the only state in which some residents lack. Alaska department of revenue, revenue sources book. The state of alaska offers a variety of tax credits to incentivize investment across the state. This update is a collaborative effort among the department of revenue, the alaska permanent fund corporation, and the office of. Alaska levies corporate income tax on alaska taxable income with graduated rates ranging from 0. Alaska department of revenue permanent fund dividend division. Despite oil tax cut, alaska projects steady production. Calculation based on cdcrevised smokingattributable expenditures sae method for c. Jan 21, 2020 first day of session feb 4, 2020 15th day of session, supplemental bill introduced. Understanding alaskas revenue understanding alaskas budget. In response to the covid19 global pandemic, the university of alaska anchorage has taken steps to protect the health and safety of our campus community. Overview, history, and forecast presentation to forum on alaska s fiscal future october 4, 2014 john tichotsky, ph. One 2011 study concluded that it will be difficult to reduce revenue forecasting errors simply by shifting the revenue mix to lessvolatile revenue sources. Oil and gas related revenues from corporate income taxes account for 9% of all tax revenue for alaska.
Nearly a quarter of alaska s energy is currently supplied by hydropower, small scale wind farms have been built in numerous villages, and two utilityscale wind projects were under construction in 2012. In fact, the alaska department of revenue forecasts that 2014 through 2023 oil production will be contributing 82%89% of the general fund unrestricted revenue in alaska. This drops revenue projections for our unrestricted revenue this year to 1. Click on the specific tax type you are interested in. Senate bill 8, passed in 2014, allows for the state to accept. Prepared for state of alaska by mcdowell group, inc. Official publically accessible information for the department. Instead, alaska relies on two main sources of revenue oil taxesroyalties and federal funding to fund all state services, build and maintain necessary infrastructure, and save for the future. The alaska department of revenue assesses, collects, manages, and distributes the majority of extractives revenues in alaska. Jan 21, 2020 first day of session feb 4, 2020 15th day of session, supplemental bill introduced feb 19, 2020 30th day of session, governors amended budget introduced. Revenue forecast alaska department of revenue tax division. View the latest amzn financial statements, income statements and financial ratios. In april 2014, the alaska department of revenue began expanding the service. These revenue collections include nonpetroleum taxes, charges for services, fines and forfeitures, licenses and permits, rents and royalties and miscellaneous and transfer revenue sources for example, dividends from public entities alaska department of revenue tax division, 20.
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