txt

HB 177: "An Act requiring a public report on the profits realized in the state by oil producers."

00                             HOUSE BILL NO. 177                                                                          
01 "An Act requiring a public report on the profits realized in the state by oil producers."                               
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
04 to read:                                                                                                                
05       SHORT TITLE. This Act may be known as the Truth in Alaska Oil Company Profits                                     
06 Act.                                                                                                                    
07    * Sec. 2. AS 43.05.230(a) is amended to read:                                                                      
08            (a)  It is unlawful for a current or former officer, employee, or agent of the                               
09       state to divulge the amount of income or the particulars set out or disclosed in a report                         
10       or return made under this title, except                                                                           
11                 (1)  in connection with official investigations or proceedings of the                                   
12       department, whether judicial or administrative, involving taxes due under this title;                             
13                 (2)  in connection with official investigations or proceedings of the                                   
14       child support enforcement agency, whether judicial or administrative, involving child                             
15       support obligations imposed or imposable under AS 25 or AS 47;                                                    
01                 (3)  as provided in AS 38.05.036 pertaining to audit functions of the                                   
02       Department of Natural Resources;                                                                                  
03                 (4)  as provided in AS 43.05.405 - 43.05.499; [AND]                                                     
04                 (5)  as otherwise provided in this section or AS 43.55.890; and                                     
05                 (6)  as required in AS 43.98.040.                                                                   
06    * Sec. 3. AS 43.98 is amended by adding a new section to read:                                                     
07            Sec. 43.98.040. Oil producer profit report. (a) A person that produces more                                
08       than an average of 75,000 barrels of oil a day in the state during a calendar quarter or                          
09       that receives tax credits under AS 43.55 in excess of $50,000,000 in a calendar year                              
10       shall file a report with the department that states the person's net income earned in the                         
11       state during each calendar quarter and an annual report that states the person's net                              
12       income earned in the state during the calendar year. The net income to be reported is                             
13       the net income from the production of oil in the state that would be reported to the                              
14       United States Securities and Exchange Commission for the same calendar quarter or                                 
15       calendar year, as applicable.                                                                                     
16            (b)  A quarterly report or an annual report required to be filed under (a) of this                           
17       section must be filed with the department at the time a quarterly report or an annual                             
18       report must be filed with the United States Securities and Exchange Commission.                                   
19            (c)  At the commissioner's discretion, the department may audit the report                                   
20       required to be filed under this section.                                                                          
21            (d)  The department may assess a penalty of not more than two percent of the                                 
22       net income earned in the state against a person that negligently, or with reckless                                
23       disregard of the facts, files a false report with the department.                                                 
24            (e)  The department shall make each report filed under this section available to                             
25                 (1)  the public, on the Internet; and                                                                   
26                 (2)  each member of the legislature, in print.