SB 100 Summary

• Amends property tax assessment laws for oil and gas exploration, production, and pipeline transportation property on North Slope natural gas projects.

• Establishes a new valuation method for North Slope natural gas project property using original cost adjusted for inflation, reduced by annual depreciation, and subject to a throughput factor based on estimated annual gas throughput divided by original design basis throughput.

• Defines "North Slope natural gas project" as a project transporting gas produced north of 68 degrees North latitude through a gas treatment plant, gas pipeline, liquefaction plant, and marine terminal.

• Expands the definition of "taxable property" to specifically include property exclusively used for a North Slope natural gas project, with exceptions for retail distribution and liquefaction facilities unless exclusively used for such projects.

• Applies to tax years beginning after December 31, 2015.