AK HB321

Reduces the base oil and gas production tax rate from 25 percent to 20 percent under AS 43.55.011(e).

Lowers the minimum tax rate applied to monthly installment payments from 25 percent to 20 percent across multiple lease categories under AS 43.55.020(a).

Applies the tax rate reduction to oil and gas produced from leases outside the Cook Inlet sedimentary basin, Cook Inlet leases, and leases subject to other specific tax provisions.

Makes the changes retroactive to January 1, 2010.

Takes effect immediately upon enactment.