AK SB148

Exempts real and tangible personal property used primarily for pipeline transportation of gas in pipelines with a design capacity of 500,000,000 or more cubic feet of gas per day from Alaska's oil and gas exploration, production, and pipeline transportation property taxes under AS 43.56.010(a).

Prohibits municipalities from crediting or refunding taxes paid on the exempt pipeline property against state oil and gas property taxes owed by the taxpayer.

Requires the Department of Commerce, Community, and Economic Development to determine the portion of full and true value attributable to non-exempt uses for property not exclusively used for the qualifying gas pipeline.

Modifies provisions governing full and true value determinations for school district funding by excluding the assessed value of exempt pipeline property from calculations if the municipality does not levy local taxes.

Makes most provisions effective January 1, 2023, with earlier effective dates for sections establishing the exemption and related tax credit restrictions.