AK HB308

Reduces the tax rate multiplier for oil and gas production from 0.4 percent to 0.2 percent when average monthly production tax value per BTU equivalent barrel does not exceed $92.50.

Lowers exploration tax credits from 40 percent to 30 percent for expenditures qualifying under multiple categories in AS 43.55.025(a)(3) and (4).

Creates a new special credit for well-related expenditures incurred after December 31, 2010, allowing 10 percent credit for capital expenditures and 30 percent credit for noncapital expenditures in well drilling, seismic exploration, and well maintenance.

Reduces the tax assessment period from six years to three years after a tax return is filed under AS 43.55.075(a).

Permits transfer of tax credits from ineligible entities to tax-liable persons with department approval, and allows unused credits to carry forward to later calendar years.