This bill aims to reform the taxation framework for natural gas projects in Alaska to promote development while benefiting local communities. It introduces an alternative volumetric tax on natural gas throughput, replacing existing state and municipal property taxes related to the project, with a set rate of $0.15 per 1,000 cubic feet of transported natural gas, subject to annual inflation adjustments. Municipalities are empowered to exempt or defer taxes on properties linked to natural gas projects, contingent upon public hearings and potential voter referendums. Additionally, the bill establishes the Alaska education fund, which will receive a portion of the revenue from the North Slope natural gas project, ensuring educational funding is supported by the initiative.

The legislation also outlines eligibility criteria for the alternative volumetric tax, mandating that project plans include a spur line to serve Fairbanks and its vicinity. It defines key terms related to the Alaska liquefied natural gas project and details the necessary infrastructure, including gas transmission lines and marine terminals. The Alaska Gasline Development Corporation is tasked with reporting to the legislature before a final investment decision on phase two of the project, assessing the Act's impacts and suggesting legal changes. Furthermore, the bill includes conditional provisions requiring commitments from property owners subject to the new tax, such as contributions to a community impact fund and project labor agreements, with specific effective dates based on the fulfillment of these commitments and the passage of a constitutional amendment regarding the education fund.

Statutes affected:
HB0381A, AM HB 381, introduced 03/20/2026: 14.17.510, 43.56.027, 14.17.990, 43.56.023, 29.45.080, 43.56.022, 29.45.090, 29.45.050, 43.56.010, 43.56.021, 29.45.030, 43.56.020, 31.25.390
HB0381B, AM CSHB 381(RES), introduced 05/08/2026: 14.17.510, 43.59.020, 14.17.990, 43.59.100, 43.59.040, 29.45.050, 29.35.460, 29.45.010, 29.45.560, 29.45.080, 29.45.090, 37.13.010, 42.45.045, 37.10.071, 31.25.390, 43.56.010, 29.45.085, 29.45.030, 43.56.020, 43.56.210, 42.05.221, 43.59.030, 43.05.220, 43.05.225, 43.59.050, 43.05.240, 43.05.405, 43.20.270, 43.59.060, 43.59.070, 37.14.900, 37.05.610