00                             SENATE BILL NO. 13                                                                          
01 "An Act relating to oil and gas exploration, production, and pipeline transportation                                    
02 property taxes; and providing for an effective date."                                                                   
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 43.56.010(a) is amended to read:                                                                   
05            (a)  An annual tax [OF 20 MILLS] is levied each tax year                                                     
06                 (1)  beginning January 1, 1974, of 20 mills on the full and true value of                       
07       taxable property taxable under this chapter; and                                                              
08                 (2)  beginning January 1, 2022, of 10 mills, in addition to the tax                                 
09       under (1) of this subsection, on the full and true value of taxable property taxable                          
10       under this chapter.                                                                                           
11    * Sec. 2. AS 43.56.010(d) is amended to read:                                                                      
12 (d)  A tax paid to a municipality under AS 29.45.080 or former AS 29.53.045                                             
13 on or before June 30 of the tax year shall be credited against the tax levied under                                     
14 (a)(1) [(a)] of this section for that tax year. If, however, a tax is not paid to a                                 
01 municipality until after June 30 of the taxable year, the department, upon application,                         
02 shall refund to the taxpayer the amount of tax paid to the municipality under                                           
03 AS 29.45.080 or former AS 29.53.045. The credit or refund of taxes paid to a                                            
04 municipality may not exceed the total amount of tax levied by the department on                                     
05       [UPON] the taxpayer for the tax year [,] under (a)(1) [(a)] of this section.                                  
06    * Sec. 3. AS 43.56.010 is amended by adding new subsections to read:                                               
07            (e)  The department shall separately account for the taxes collected under                                   
08       (a)(2) of this section. The annual estimated balance of the account may be                                        
09       appropriated by the legislature as follows:                                                                       
10                 (1)  50 percent to the Alaska capital income fund under AS 37.05.565;                                   
11                 (2)  25 percent to reimburse municipalities for real property tax revenue                               
12       lost because of an exemption required by AS 29.45.030(e);                                                         
13                 (3)  25 percent to the Alaska higher education investment fund under                                    
14       AS 37.14.750.                                                                                                     
15            (f)  Nothing in this section creates a dedicated fund.                                                       
16    * Sec. 4. This Act takes effect January 1, 2022.