Senate Resources Committee co-chair Tom Wagoner says he expects a bill before his committee by Feb. 10.
Under the current tax regime, a progressive surcharge is triggered when a company's net profits hit $30 a barrel. The industry has complained that this eats into profits when oil prices are high and discourages investment.
Wagoner's approach to incentives is "trust but verify." That is, incentives after new oil.
Critics of the governor's now-shelved oil tax-cut plan called it a giveaway with no guarantees Alaska would see additional investment.
The Senate hopes to send the House a tax bill with at least 30 days left in session.
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