AK SB271

Allows the department to waive interest on underpayments or adjust interest on overpayments when retroactive regulation changes affect tax obligations, if the producer made good faith estimates based on regulations then in effect.

Eliminates the requirement that qualified capital expenditure tax credits be split into two certificates with half available only in the following calendar year; instead allows issuance of a single certificate with full immediate use.

Establishes 30 percent production tax credits for exploratory and development well expenditures incurred between July 1, 2010 and July 1, 2016, with higher 40 percent credits for exploration wells located at least 25 miles (or 10 miles for Cook Inlet) outside unit boundaries.

Provides 40 percent tax credit for seismic exploration conducted outside production or exploration unit boundaries, with proportional reductions if activity crosses into units.

Requires explorers to submit seismic and well data to the Department of Natural Resources with specified confidentiality periods (24 months for well data, 10 years for seismic data).