HB 84 Summary: Alaska Gasline Now! Act

• Levies an annual tax of 3 cents per 1,000 cubic feet of natural gas on taxable gas reserves within units containing 1 trillion or more cubic feet, with leases existing since January 1, 1990.

• Gas is exempt from the tax if it is nonconventional, discovered after December 31, 2005, the state's royalty share, or destined for pipeline projects with firm transportation commitments meeting specified criteria.

• Creates a credit against oil and gas production taxes equal to taxes paid under the new gas reserves tax, claimable only against 20 percent of net tax due and only after first gas flow from a North Slope pipeline with minimum 2 billion cubic feet daily capacity.

• Requires disputed taxes to be placed in escrow pending resolution and allows lessees to surrender lease rights by December 31 of the preceding tax year to avoid tax liability.

• Tax provisions automatically repeal upon first revenue generation from a North Slope pipeline meeting specified capacity requirements; main provisions take effect January 1 following the first binding open season for qualifying pipeline projects.