AK HB264

Adds authority for the commissioner to expedite review and approval of right-of-way applications for oil pipelines transporting outer continental shelf oil to existing in-state pipeline systems.

Exempts real and personal property used for pipeline transportation of unrefined oil produced on the outer continental shelf from state taxes for 20 tax years following commencement of commercial operations.

Defines "commencement of commercial operations" as the first flow of oil in the pipeline that generates revenue to the owners.

Property exempt from state taxes under this provision remains subject to local taxes levied by municipalities under AS 29.45.080 and AS 43.56.010(b).

Allows municipal taxes paid on such exempt property to be credited against state taxes in the same manner as taxes paid on other taxable property.