An Act relating to the climate change response fund and grant program; relating to a new oil surcharge; and providing for an effective date.

HB 247 establishes a new $0.20 per barrel surcharge on oil produced in Alaska, to be paid by oil producers in addition to existing taxes. The surcharge is due monthly based on the previous month's production and must be reported annually. The bill also amends tax credit rules to allow credits to be carried forward and applied to certain past tax liabilities, as specified in the amended tax code. The surcharge is intended to support a climate change response fund and grant program, as referenced in the bill's title.