AK HB407

Increases oil and gas production tax rate from 25 percent to 27 percent under AS 43.55.011(e) and (i)

Establishes a tax rebate for oil and gas producers that employ 80 percent or more resident workers, with rebate percentages ranging from 2 percent up to the percentage of resident labor exceeding 80 percent

Imposes a penalty on producers employing less than 80 percent resident workers, calculated as the tax paid multiplied by the percentage of non-resident labor

Requires employers to maintain detailed records of employee hours, residency status, wages, and occupations, with records kept for at least three years and subject to Department of Revenue inspection

Defines "resident worker" as an individual physically present in Alaska with intent to remain indefinitely, maintaining state residence, and possessing resident hunting/fishing license or permanent fund dividend eligibility