Section 43.98.050. Duties.

The duties of the board include the following:
        (1) establish and maintain a salient collection of information related to oil and gas exploration, development, and production in the state and related to tax structures, rates, and credits in other regions with oil and gas resources;
        (2) review historical, current, and potential levels of investment in the state's oil and gas sector;
        (3) identify factors that affect investment in oil and gas exploration, development, and production in the state, including tax structure, rates, and credits; royalty requirements; infrastructure; workforce availability; and regulatory requirements;
        (4) review the competitive position of the state to attract and maintain investment in the oil and gas sector in the state as compared to the competitive position of other regions with oil and gas resources;
        (5) in order to facilitate the work of the board, establish procedures to accept and keep confidential information that is beneficial to the work of the board, including the creation of a secure data room and confidentiality agreements to be signed by individuals having access to confidential information;
        (6) make written findings and recommendations to the Alaska State Legislature before
             (A) January 31, 2015, or as soon thereafter as practicable, regarding
                  (i) changes to the state's regulatory environment and permitting structure that would be conducive to encouraging increased investment while protecting the interests of the people of the state and the environment;
                  (ii) the status of the oil and gas industry labor pool in the state and the effectiveness of workforce development efforts by the state;
                  (iii) the status of the oil-and-gas-related infrastructure of the state, including a description of infrastructure deficiencies; and
                  (iv) the competitiveness of the state's fiscal oil and gas tax regime when compared to other regions of the world;
             (B) January 15, 2017, regarding
                  (i) the state's tax structure and rates on oil and gas produced south of 68 degrees North latitude;
                  (ii) a tax structure that takes into account the unique economic circumstances for each oil and gas producing area south of 68 degrees North latitude;
                  (iii) a reduction in the gross value at the point of production for oil and gas produced south of 68 degrees North latitude that is similar to the reduction in gross value at the point of production in AS 43.55.160(f) and (g);
                  (iv) other incentives for oil and gas production south of 68 degrees North latitude;
             (C) January 31, 2021, or as soon thereafter as practicable, regarding
                  (i) changes to the state's fiscal regime that would be conducive to increased and ongoing long-term investment in and development of the state's oil and gas resources;
                  (ii) alternative means for increasing the state's ability to attract and maintain investment in and development of the state's oil and gas resources; and
                  (iii) a review of the current effectiveness and future value of any provisions of the state's oil and gas tax laws that are expiring in the next five years.

Authorities

43.98.060

Notes

Recent Bills that will modify this

HB 174 OIL & GAS PRODUCTION TAX; CREDITS
SB 96 OIL & GAS PRODUCTION TAX;CREDITS

References

AS 43.98.060 Information to be provided to board.

History

(Sec. 31 ch 10 SLA 2013; am Sec. 69 ch 14 SLA 2014)