AK SB280

Establishes an alternative volumetric tax of $0.06 per 1,000 cubic feet of natural gas throughput for qualified Alaska LNG project property, replacing traditional ad valorem property taxes, with the rate increasing 1% annually.

Creates a temporary tax abatement during a "ramp-up period" beginning at commercial operations and ending when throughput reaches 1 billion cubic feet per day (30-day rolling average) or after 10 years, whichever comes first.

Exempts qualified natural gas pipeline project property from state and municipal property taxes during the construction phase, prior to commencement of commercial operations.

Allocates volumetric tax revenue to municipalities based on the portion of qualified property located within their boundaries, with state collecting taxes on property in the unorganized borough.

Terminates tax benefits on January 1, 2040 if the qualified property has not commenced commercial operations by that date; spur lines delivering gas to local communities remain subject to standard property taxation.