AK HB253

Eliminates mineral production royalty payments from the exploration incentive credit calculation, allowing the credit to apply only against mining license taxes (AS 43.65) and corporate income taxes (AS 43.20).

Reduces the new mining operation tax exemption period from 3.5 years to 3 years after production begins.

Increases the top marginal mining license tax rate from 7 percent to 8 percent on net income over $100,000.

Changes the mining license renewal application deadline from May 1 to January 1 and simplifies renewal language.

Establishes a legislative working group to review Alaska's mining tax structure, including license taxes, royalties, rents, and corporate income tax, with recommendations due during the 2018 legislative session.