AK HB3007

Reduces per-barrel tax credits for oil produced north of 68 degrees North latitude by lowering credit amounts across all oil price tiers effective January 1, 2022

Changes tax credit structure from nine price tiers (up to $150/barrel) to five price tiers (capped at $110/barrel), eliminating credits for higher price ranges

Decreases per-barrel credits at each price tier: $4 becomes $4 (under $80), $8 becomes $4 ($80-$90), $7 becomes $3 ($80-$90), $6 becomes $2 ($90-$100), $5 becomes $1 ($100-$110)

Sets credit to zero when average monthly gross value at point of production reaches $110 or more per barrel, previously credits continued up to $150/barrel

Credits apply only to taxable oil that does not receive other gross value reductions and cannot reduce producer's tax liability below the minimum calculated amount