AK SB306

Amends AS 43.55.011 to create separate tax calculations for oil and gas production, with new subsection (p) establishing a parallel tax structure for gas mirroring the existing oil tax framework under subsection (g).

Modifies community revenue sharing fund eligibility to include money from both oil tax under AS 43.55.011(g) and gas tax under AS 43.55.011(p), capping annual appropriations at $60 million or the amount needed to reach $180 million fund balance.

Updates production tax value calculations in AS 43.55.160 to separately define monthly and annual production tax values for oil and gas by geographic region (north of 68 degrees North latitude, Cook Inlet sedimentary basin, and outside Cook Inlet).

Revises tax payment installment provisions in AS 43.55.020 to calculate monthly tax payments separately for oil and gas, requiring producers to use distinct tax rates and expenditure deductions for each commodity.

Makes substantive changes effective the first day of the calendar month following enactment, with the bill taking effect immediately under Alaska law.