AK HB332

Establishes income tax credits for geothermal resource exploration and development expenditures incurred after June 30, 2009 and before July 1, 2018.

Exploration credit equals 50 percent of qualified expenditures for state-owned geothermal resources and 25 percent for non-state-owned resources, with a maximum credit of $20,000,000 per exploration project.

Development credit equals 10 percent of qualified expenditures to develop known geothermal resources.

Unused credits may be carried forward for five years from the year expenditures were incurred, or seven years if the geothermal resource generates gross income within the initial five-year period.

Credits cannot offset more than 50 percent of a person's tax liability in any tax year and may be transferred to successors in interest in the geothermal resource project.