AK SB145

Provides a 4 percent oil and gas production tax rate for new production south of 68 degrees North latitude for five years after commercial production begins on leases that had no production before January 1, 2013.

Creates exploration tax credits of up to 80 percent (capped at $22.5 million) for drilling the first four exploration wells in specified basins on state or private lands, with work performed after June 1, 2012.

Creates exploration tax credits of up to 75 percent (capped at $7.5 million) for the first four seismic exploration projects in specified basins, with work performed after June 1, 2012.

Extends the deadline for nontransferable exploration tax credits from 2016 to 2021 for producers with first commercial production between January 1, 2013 and May 1, 2021 outside the Cook Inlet sedimentary basin.

Requires explorers to submit geological objectives for approval before drilling and obtain written consent from private landowners for public release of well data and seismic data within two years of receiving credits.