AK SB48

Establishes a carbon offset program in the Department of Natural Resources to undertake carbon offset projects on state land, including seaweed farming, afforestation, and reforestation to mitigate greenhouse gases.

Authorizes the Department of Natural Resources to lease state land for carbon management purposes through a competitive application process with lease terms not exceeding 55 years.

Allows the state to register carbon offset projects and sell carbon offset credits, with 20 percent of revenue deposited to the renewable energy grant fund and 80 percent separately accounted for legislative appropriation.

Permits carbon offset projects on state land and water within the Haines State Forest Resource Management Area and legislatively designated state forests, provided projects remain open to mineral exploration and public access.

Excludes costs incurred for carbon management purposes under these programs from the definition of "lease expenditures" for oil and gas tax purposes, and takes effect immediately.