AK HB133

Changes oil and gas production tax rates effective January 1, 2018: increases rate from 35% to higher percentages based on location and oil type, with Cook Inlet oil taxed at 22.5% and gas at 13%

Implements price-based minimum tax floors for North Slope oil and heavy oil production between 2018-2022, ranging from 0-4% of gross value depending on Alaska North Slope crude oil prices

Removes per-barrel tax credits ($5-$8) for certain oil production and modifies carried-forward loss credits, with reductions capped at 20% for new leases north of 68 degrees North latitude

Modifies tax payment and credit application rules, including preventing credits from reducing floor taxes and adjusting installment payment calculations for oil and gas produced after January 1, 2018

Includes transition provisions allowing existing tax structures to apply to oil and gas produced before the effective date of January 1, 2018