AK HB397

Establishes a new surcharge of $0.09 per barrel on oil produced in Alaska, reduced by any federal tax imposed under 26 U.S.C. 4611(c)(2)(B), with the surcharge suspended if the federal government collects an equivalent or higher tax.

Creates the Arctic Transportation and Resource Access Fund as a separate account in the general fund to receive surcharge proceeds and tolls from infrastructure projects.

Authorizes legislature to appropriate fund balances for construction of regional transportation infrastructure north of 68 degrees North latitude.

Modifies tax credit provisions to clarify that credits cannot be used to satisfy surcharges under the new AS 43.55.350 or existing surcharges under AS 43.55.201 and AS 43.55.300.

Makes the act retroactive to January 1, 2018, with the commissioner imposing the surcharge retroactively at a rate of $0.09 per barrel for oil produced from that date forward; takes effect immediately.