An Act relating to natural gas and natural gas projects; relating to the Alaska Gasline Development Corporation; relating to the powers and duties of the Legislative Budget and Audit Committee; relating to the value of certain oil and gas; relating to an income tax on certain natural gas-related entities; relating to the oil and gas production tax; establishing a surcharge on gas processed in the state; and providing for an effective date.

This bill updates the powers and duties of Alaska's Legislative Budget and Audit Committee, giving it expanded authority to oversee state agencies and review financial matters. It requires the committee to conduct annual post audits of several state entities, including the Alaska Gasline Development Corporation, and to evaluate how public lending affects employment, wages, and economic sectors. The legislation also clarifies the committee's ability to subpoena documents, sue on behalf of the legislature during interim sessions, and make recommendations on state budget policies. Additionally, it establishes a surcharge on natural gas processed within the state and adjusts tax provisions related to oil and gas production and income for certain energy-related entities.