CS FOR SENATE BILL NO. 153(RES) - Summary

• Creates a refundable tax credit of up to $15 million or 50 percent of costs (whichever is less) for owners of above-ground liquefied natural gas storage facilities that commence commercial operation before January 1, 2020

• Requires above-ground liquefied natural gas storage facilities to have a minimum capacity of 25,000 gallons, be regulated as a utility under AS 42.05, and not have been in operation before January 1, 2011 (unless claiming credit for expansion)

• Permits persons leasing state land for liquefied natural gas storage facilities to request exemption from lease rental payments for the first calendar year of commercial operation plus the nine following calendar years

• Requires facility owners claiming the tax credit to repay the full credit amount if the facility ceases commercial operation within nine years, calculated on a prorated basis depending on how many years it operated

• Expands the oil and gas tax credit fund to pay refunds and payments for above-ground liquefied natural gas storage facility tax credits claimed under the new provisions