AK SB208

Requires the Department of Natural Resources and Department of Revenue to evaluate the effectiveness of current state incentives for gas exploration, development, and production in the Cook Inlet sedimentary basin.

Directs the departments to identify and recommend additional incentives or legislative proposals to increase gas exploration, development, and production in the Cook Inlet area.

Establishes findings that Cook Inlet natural gas supplies nearly 90 percent of Southcentral Alaska's electricity and heats approximately 130,000 homes and businesses, with reserves depleting from 8 trillion cubic feet to approximately 1 trillion cubic feet as of January 2010.

Requires the departments to report findings, conclusions, and recommendations to the legislature before December 1, 2010.

Takes effect immediately upon enactment.