AK SB5005

Changes minimum oil and gas production tax rates for North Slope properties, with new tiered rates based on oil prices starting January 1, 2017, and adjusting again on January 1, 2022.

Modifies interest rates on delinquent taxes: reduces rates from January 1, 2014 through December 31, 2016, then increases to 5 percentage points above Federal Reserve rate after January 1, 2017, with higher rates during the first four years of delinquency.

Adjusts tax credit amounts for oil and gas exploration and development, reducing credits for North Slope expenditures incurred after January 1, 2017 and phasing out credits for certain regions after January 1, 2018.

Lowers the qualifying production threshold for oil and gas tax credit certificate purchases from 50,000 to 15,000 BTU equivalent barrels and implements restrictions on tax credits for municipal entities.

Establishes effective dates ranging from January 1, 2017 to earlier dates for specific sections, with provisions allowing retroactive regulation adoption by the Departments of Revenue and Natural Resources.