AK SB176

Establishes the Alaska Tax Credit Certificate Bond Corporation as a public corporation in the Department of Revenue, managed by a board of three commissioners, to finance purchases of oil and gas tax credit certificates.

Authorizes the corporation to issue up to $1,000,000,000 in bonds through December 31, 2021, with proceeds used to purchase transferable and production tax credit certificates and fund refunds under AS 43.20.046, 43.20.047, and 43.20.053.

Creates a reserve fund for the corporation to be funded through legislative appropriations, bond proceeds, and accrued interest, with money held to pay bond principal and interest or fund tax credit purchases.

Allows the Department of Revenue to purchase tax credits at a lower discount rate (true interest cost plus 1.5 percent) if applicants agree to waive confidentiality of seismic data, enter an overriding royalty interest agreement with the state, or commit to qualified capital expenditures.

Authorizes the Department of Natural Resources to negotiate overriding royalty interest agreements on oil production leases as consideration for lower discount rates on tax credit purchases, with revenue deposited to the general fund.