AK HB263

Requires oil and gas producers to include detailed descriptions of expenditures, their purposes, and affected leases/properties when claiming credits under AS 43.55.023 or 43.55.025 in annual tax statements filed by March 31.

Permits public disclosure of expenditure information submitted under the bill, notwithstanding confidentiality provisions in AS 43.05.230(a).

Mandates the department submit a report to the legislature within 10 days after the next regular legislative session convenes following each tax statement filing, containing the detailed expenditure information.

Applies the same expenditure reporting and disclosure requirements to explorers and producers who incur lease expenditures or receive payments/credits but do not produce oil or gas during the calendar year.

Takes effect July 1, 2012.