An Act relating to the taxation of certain natural gas project property and related facilities; relating to local contributions for public school funding; relating to municipal property taxes; relating to the Alaska Gasline Development Corporation and funds of the Alaska Gasline Development Corporation; relating to reporting requirements for natural gas pipeline projects; creating the Alaska affordable heating fuel fund; relating to approval of contracts by the Regulatory Commission of Alaska and inflation adjustment of the maximum price of natural gas; establishing an income tax on certain entities producing or transporting oil or gas in the state; relating to an alternative volumetric tax on natural gas throughput; relating to a municipal impact grant program and fund; relating to agreements and a payment related to a natural gas project; and providing for an effective date.

The bill title and summary were rewritten to explicitly include the Alaska Gasline Development Corporation, reporting requirements for natural gas pipelines, and municipal impact grants, broadening the bill's fiscal scope beyond just natural gas project property taxes.

The definition of 'local contribution' was updated to exclude revenue from property taxes on gas treatment plants and appropriations under specific statutes, clarifying what funds count toward local contributions for school funding.

New language was added to strictly limit the application of this Act to the specific natural gas project, preventing it from being used as a legal precedent for taxing other properties under similar statutes.

New provisions were added regarding the maximum price of natural gas and inflation adjustments, introducing new economic controls related to the project.

Exemptions for municipal property were reorganized and updated to include specific conditions regarding state entities, university land, and property acquired through foreclosure or deed in lieu of foreclosure.

The bill's session designation changed from the regular 'Second Session' to the 'Second Special Session,' and the offer date was updated from May 8, 2026, to June 12, 2026.

Introduced a new alternative volumetric tax on natural gas throughput and revenue from state royalty gas.

Established a new Constitutional Education Fund and defined local contributions for public school funding.

Created new eligibility criteria for tax exemptions and deferrals for natural gas project properties.

Added requirements for municipalities to enter into equity ownership agreements with natural gas project owners.

Defined new terms including 'natural gas project,' 'ramp-up period,' and 'local contribution' in the context of the new tax structure.

Changed the bill's effective date and committee assignment from House Rules to House Resources.