HB 288 Summary

• Amends minimum tax rates on oil and gas produced from leases north of 68 degrees North latitude, changing the effective date from January 1, 2022 to January 1, 2019.

• For production before January 1, 2019, establishes minimum tax rates ranging from 0-4% based on Alaska North Slope crude oil prices ($15 or less to more than $25 per barrel).

• For production from January 1, 2019 through December 31, 2021, increases the top minimum tax rate to 7% when oil prices exceed $25 per barrel, while maintaining lower tiers at 3%, 2%, 1%, and 0%.

• For production on or after January 1, 2022, maintains a 7% minimum tax rate when prices exceed $25 per barrel, with corresponding lower rates at other price points.

• Takes effect January 1, 2019.