AK HB177

Establishes the "Truth in Alaska Oil Company Profits Act" requiring oil producers to file quarterly and annual profit reports with the state Department of Revenue.

Applies to persons producing more than 75,000 barrels of oil daily during a calendar quarter or receiving over $50,000,000 in tax credits annually under AS 43.55.

Requires reporting of net income from in-state oil production using figures that would be reported to the United States Securities and Exchange Commission, filed on the same schedule as SEC filings.

Directs the Department of Revenue to make all filed reports publicly available on the Internet and provide printed copies to each legislature member.

Authorizes the department to audit reports and assess penalties of up to two percent of net income against producers filing false reports with negligence or reckless disregard.