AK HB3005

Modifies Alaska's oil and gas production tax rates effective January 1, 2022, changing oil tax to 35% of annual production tax value and gas tax to 13% of gross value at point of production.

Creates a tax suspension period from January 1, 2022 to January 1, 2024 for oil produced north of 68 degrees North latitude, during which the minimum tax under AS 43.55.011(f) applies instead of the standard 35% rate.

Establishes a six percent minimum tax on oil produced north of 68 degrees North latitude from January 1, 2022 through December 31, 2023.

Restores price-based minimum tax structure for oil north of 68 degrees North latitude beginning January 1, 2024, with rates ranging from zero to four percent based on Alaska North Slope crude oil prices.

Authorizes the Department of Revenue to adopt implementing regulations and makes the Act effective January 1, 2022.