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An Act relating to carbon storage on state land; relating to the powers and duties of the Alaska Oil and Gas Conservation Commission; relating to deposits into the permanent fund; establishing the carbon storage closure trust fund and carbon dioxide storage facility administrative fund; relating to geothermal resources; relating to carbon storage exploration licenses; relating to carbon storage leases; relating to carbon storage operator permits; relating to enhanced oil or gas recovery; relating to long-term monitoring and maintenance of storage facilities; relating to carbon oxide sequestration tax credits; relating to the Regulatory Commission of Alaska and regulation of the service of natural gas storage; relating to the regulation of liquefied natural gas import facilities; relating to the oil and gas production tax; relating to the duties of the Department of Natural Resources; relating to carbon dioxide pipelines; relating to reserve-based state loans for oil and gas development projects in the Cook Inlet sedimentary basin; relating to the Alaska Industrial Development and Export Authority; requiring the Alaska Industrial Development and Export Authority to report to the legislature on oil and gas projects with potential to increase oil and gas production from the Cook Inlet sedimentary basin; relating to an audit of carbon storage leases conducted by the legislative audit division; and providing for an effective date.