AK SB71

Establishes a production tax rebate for oil and gas producers that employ resident workers, with rebate amounts ranging from 2% to 20% of taxes paid based on resident worker percentage (minimum 80% resident labor required).

Changes oil and gas production tax rates: lowers rate from 0.4% to 0.2% for monthly production values up to $155 per BTU equivalent barrel, and implements tiered rates (0.2% and 0.1%) for values exceeding $155.

Requires employers claiming the resident worker rebate to maintain detailed records of worker hours, names, residency status, wages, and occupations for at least three years, with records subject to Department of Labor and Revenue inspection.

Authorizes Department of Labor and Workforce Development to audit rebate applications and allows Department of Revenue to disclose confidential tax information to producers under specified conditions for determining tax obligations and rebate eligibility.

Extends the assessment period for oil and gas production taxes from six years to six years only for tax periods ending before January 1, 2011, and requires department reporting on rebate amounts and resident worker employment statistics.