AK HB337

Removes the 11 percent annual interest rate floor for delinquent taxes, replacing it with a variable rate of 5 percentage points above the 12th Federal Reserve District rate, compounded quarterly.

Sets a fixed 12 percent annual interest rate for delinquent fees and unclaimed property not timely paid or delivered.

Establishes a 30 percent tax credit for well-related expenditures incurred between July 1, 2010 and July 1, 2016 that exceed average well-related expenditures from 2008-2009.

Eliminates the two-certificate system for transferable tax credits, allowing single certificates to be issued for immediate use instead of splitting credits between current and future year availability.

Allows the Department of Revenue to waive interest on underpayments caused by retroactive regulation changes if producers made good faith tax estimates under previous regulations.