AK HB369

Establishes separate tax rates for oil and gas produced on or after January 1, 2022: oil taxed at 35 percent of annual production tax value, gas taxed at 13 percent of gross value at point of production.

Creates a temporary tax suspension for oil produced from leases north of 68 degrees North latitude between January 1, 2023 and January 1, 2025, with a minimum tax rate of 6 percent applied during this period.

Maintains minimum tax thresholds for North Slope oil based on price tiers (0-4 percent of gross value depending on whether Alaska North Slope crude averages $15, $15-$17.50, $17.50-$20, $20-$25, or over $25 per barrel).

Modifies installment payment calculations for producers, including monthly payment schedules and adjustments for lease expenditures and tax credits.

Takes effect January 1, 2023, with the Department of Revenue authorized to adopt necessary implementing regulations.