Minority Democrats have unveiled their vision of an oil tax system should this summer's referendum be successful.

It's similar to a proposal they put forth last year as an alternative to the plan that was pushed by Gov. Sean Parnell and ultimately passed.

It would provide tax credits for new fields and new developments in legacy fields. It would require minimum work commitments as part of lease terms and allow the Alaska Industrial Development and Export Authority to issue loans to build or improve North Slope oil processing facilities and other infrastructure.

Voters in August will decide whether to keep the oil tax structure passed by lawmakers last year. If the referendum is successful, the oil tax regime will revert back to what was in place before last year's change.