AK HB238

Eliminates the commissioner's authority to waive royalty and rental payments during the first five years of oil shale leases.

Requires lessees to pay annual rental at 50 cents per acre for land included in oil and mineral leases, with annual rental credited against royalties accruing for that year.

Repeals statutory provisions related to royalty relief in AS 31.05.030(i), 31.05.030(k), AS 38.05.180(f)(5), 38.05.180(f)(6), and 38.05.180(dd).

Applies amended rental and royalty requirements only to leases entered into on or after the effective date of the Act, leaving existing leases unaffected.