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The Senate-advanced proposal this year called for designating 75% of oil fund earnings' draws to government and 25% to dividend checks, and bumping that to a 50/50 split if Alaska generated an ...
Alaska's Permanent Fund, once funded by oil extraction, is now funded through investment returns, allowing it to disperse checks to Alaska residents. The US is considering a sovereign wealth fund.
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
The Alaska Permanent Fund (APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC). [1] It was established in Alaska in 1976 [2] by Article 9, Section 15 of the Alaska State Constitution [3] under Governor Jay Hammond and Attorney General Avrum Gross. From February ...
Alaska: Alaska Permanent Fund: 74.455 December 2022 [3] Petroleum: 2 Texas: Permanent School Fund: 55.624 August 2022 [4] Commodity / petroleum: 3 Permanent University Fund: 31.763 August 2022 [5] 4 New Mexico: New Mexico State Investment Council Permanent Funds 31.000 December 2020 [6] Petroleum: 5 Wyoming: Wyoming Permanent/Endowment Funds 12 ...
The wealth tax Shirshikov references comes from the official Biden-Harris 2025 budget proposal, which reads, “The tax code currently offers special treatment for the types of income that wealthy ...
States usually calculate the tax based on the value and/or volume produced; sometimes the method differs for oil, natural gas, and condensates. [4] [5] Production from certain wells may be exempt from severance tax based on the amount of production (i.e. "stripper" wells) or the type of well (i.e. horizontal, tertiary, deep, etc). [5]
This is otherwise known as a "wealth tax." Under the Harris/Biden proposal, all households with more than $100 million in net assets would pay a minimum tax of 25% on their combined income and ...