AK SB290

Adds a new credit option allowing 50, 75, or 100 percent of exploration expenditures for the first three unaffiliated persons drilling exploration wells in Cook Inlet's sub-Cretaceous zone.

First person to drill an exploration well receives 100 percent credit on exploration expenditures; second person receives 75 percent; third person receives 50 percent.

Each person or their affiliate is limited to a credit for only one exploration well.

If an exploration well receiving a credit results in production in paying quantities, 50 percent of the credit amount must be repaid in monthly installments over a 10-year period following first production.

Commissioner of Natural Resources determines whether exploration well targets are in the sub-Cretaceous zone and identifies eligible persons and their credit amounts.