AK HB229

Increases gas exploration and development tax credit from 10 percent to 25 percent for tax years beginning after December 31, 2009, applicable to both qualified capital investment and annual qualified services costs in the state.

Extends the period for claiming expenditures qualifying for the credit: allows claims through January 1, 2010 under the 10 percent rate and through December 31, 2009 under the 25 percent rate.

Broadens the definition of "qualified capital investment" to include exploration and development activity for any gas reserve regardless of prior commercial production in the area or whether activity results in commercially producible gas.

Allows taxpayers to claim the credit on timely filed tax returns for the year the investment is made, on amended returns, or on returns for the immediately following year, with the election to apply the credit being revocable rather than irrevocable.

Extends the deadline for taxpayers to continue claiming unused carryover credits from the prior gas exploration tax credit from December 31, 2017 to December 31, 2024.