HB 331 Summary

• Establishes the Alaska Tax Credit Certificate Bond Corporation in the Department of Revenue as a public corporation managed by three commissioners to finance purchases of tax credit certificates and refunds/payments of tax credits

• Authorizes the corporation to issue up to $1,000,000,000 in bonds by December 31, 2021, with bonds not constituting state debt and not requiring voter ratification

• Allows the Department of Revenue to use bond proceeds to purchase transferable and production tax credit certificates, and to make refunds and payments under specified tax code sections

• Permits the Department of Natural Resources to enter into overriding royalty interest agreements with applicants in exchange for reduced discount rates on tax credit purchases, with monthly payments to the state based on oil production value

• Requires the Commissioner of Revenue to notify the revisor of statutes when bonds are no longer outstanding or when no applications for tax credit purchases or refunds have been filed for one year