Section 43.77.020. Filing return and payment of tax.

   (a) A person subject to the tax under this chapter shall file a return stating the value of fishery resources landed in the state that are subject to the tax, the point of landing of the fishery resource, and other information the department requires by regulation.
   (b) The return shall be made on the basis of the calendar year. The return is due on the last day of the month following the month that the department posts the statewide average fish price calculated by the Department of Fish and Game for the calendar year for which the return is made, and any unpaid tax shall be paid with the return.
   (c) The department may, under regulations it adopts, grant a reasonable extension of time for the filing. A grant of an extension of time for filing does not extend the time for payment of the tax.
   (d) A person subject to the tax under this chapter shall make quarterly payments of the tax estimated to be due for the year, as required under (e) of this section. A taxpayer will be subject to an estimated tax penalty, determined by applying the interest rate specified in AS 43.05.225 to the underpayment for each quarter, unless the taxpayer makes estimated tax payments as required under (e) of this section.
   (e) A person subject to tax under this chapter shall make estimated quarterly tax payments on or before March 31, June 30, September 30, and December 31 of each year using one of the following methods:
        (1) four equal installments the sum of which is at least equal to the taxpayer's tax liability under this chapter for the immediately preceding calendar year;
        (2) four equal installments the sum of which equals at least 90 percent of the taxpayer's tax liability under this chapter for the current calendar year; or
        (3) four installments, calculated in each quarter, equal to 90 percent of the sum of the number of pounds of unprocessed fish of each species landed in the state during the quarter that are subject to tax under this chapter, multiplied by the respective statewide average price for each species posted by the department in the immediately preceding calendar year, multiplied by the applicable tax rate under this chapter.
   (f) By March 31 of each year, a taxpayer electing to use the method under (e)(3) of this section shall notify the department of the election. Once the election is made, the taxpayer may not change the estimated payment method until the following calendar year. If a taxpayer does not notify the department of an election to use the method under (e)(3) of this section, the department shall calculate the taxpayer's estimated liability under (e)(1) and (2) of this section, and apply the estimated payment method that results in the lowest tax liability to determine the taxpayer's underpayment and estimated tax penalty.

Authorities

43.77.015

Notes

Implemented As

15 AAC 77.010
15 AAC 77.020
15 AAC 77.025

References

15 AAC 77.025
AS 43.77.015 Obligations and payments under fishery cooperative contracts.

History

(Sec. 1 ch 67 SLA 1993; am Sec. 2, 3 ch 42 SLA 2001; am Sec. 11 - 13 ch 69 SLA 2014)