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AK HB387

Bill

Official Source

Status

Introduced

2/26/2024

Primary Sponsor

Resources

Click for details

Origin

House of Representatives

33rd Legislature

AI Summary

  • Establishes a tax credit certificate for persons who install a jack-up rig in the Cook Inlet sedimentary basin after the effective date and before July 1, 2030
  • Tax credit equals the lesser of the total cost of purchasing, leasing, and transporting the jack-up rig or $75,000,000
  • Jack-up rig must be used or contracted for use in Cook Inlet sedimentary basin for at least three years to qualify for credit
  • Credit certificate may be used to offset oil and gas production taxes with unused portions carried forward, but cannot be sold, transferred, or reduce tax liability below zero
  • Repeals AS 43.55.025(a)(5) and 43.55.025(l) relating to existing oil and gas production tax credits
  • Takes effect immediately upon enactment

Legislative Description

Oil & Gas Tax Credit: Jack-up Rig

Oil & Gas

Last Action

REFERRED TO FINANCE

3/25/2024

Committee Referrals

Finance3/25/2024
Resources2/26/2024

Full Bill Text

No bill text available