txt

HB 263: "An Act relating to information concerning oil and gas taxes, including information about expenditures that must be provided in order to claim an oil and gas production tax credit for those expenditures, and relating to the disclosure of that information; and providing for an effective date."

00                             HOUSE BILL NO. 263                                                                          
01 "An Act relating to information concerning oil and gas taxes, including information                                     
02 about expenditures that must be provided in order to claim an oil and gas production                                    
03 tax credit for those expenditures, and relating to the disclosure of that information; and                              
04 providing for an effective date."                                                                                       
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1. AS 43.55.030(a) is amended to read:                                                                   
07            (a)  A producer that produces oil or gas from a lease or property in the state                               
08       during a calendar year, whether or not any tax payment is due under AS 43.55.020(a)                               
09       for that oil or gas, shall file with the department on March 31 of the following year a                           
10       statement, under oath, in a form prescribed by the department, giving, with other                                 
11       information required by the department under a regulation adopted by the                                      
12       department, the following:                                                                                    
13                 (1)  a description of each lease or property from which oil or gas was                                  
14       produced, by name, legal description, lease number, or accounting codes assigned by                               
01       the department;                                                                                                   
02                 (2)  the names of the producer and, if different, the person paying the                                 
03       tax, if any;                                                                                                      
04                 (3)  the gross amount of oil and the gross amount of gas produced from                                  
05       each lease or property, and the percentage of the gross amount of oil and gas owned by                            
06       the producer;                                                                                                     
07                 (4)  the gross value at the point of production of the oil and of the gas                               
08       produced from each lease or property owned by the producer and the costs of                                       
09       transportation of the oil and gas;                                                                                
10                 (5)  the name of the first purchaser and the price received for the oil and                             
11       for the gas, unless relieved from this requirement in whole or in part by the                                     
12       department;                                                                                                       
13                 (6)  the producer's qualified capital expenditures, as defined in                                       
14       AS 43.55.023, other lease expenditures under AS 43.55.165, and adjustments or other                               
15       payments or credits under AS 43.55.170;                                                                           
16                 (7)  the production tax values of the oil and gas under AS 43.55.160;                                   
17                 (8)  any claims for tax credits to be applied; [AND]                                                    
18                 (9)  calculations showing the amounts, if any, that were or are due                                     
19       under AS 43.55.020(a) and interest on any underpayment or overpayment; and                                    
20                 (10)  for each expenditure that is the basis for a credit claimed                                   
21       under AS 43.55.023 or 43.55.025, a description of the expenditure, a detailed                                 
22       description of the purpose of the expenditure, and a description of the lease or                              
23       property for which the expenditure was incurred; notwithstanding                                              
24       AS 43.05.230(a), information submitted under this paragraph may be disclosed to                               
25       the public and shall be disclosed to the legislature in a report submitted within 10                          
26       days after the convening of the next regular legislative session following the date                           
27       a statement is filed under this section.                                                                      
28    * Sec. 2. AS 43.55.030(e) is amended to read:                                                                      
29            (e)  An explorer or producer that incurs a lease expenditure under                                           
30       AS 43.55.165 or receives a payment or credit under AS 43.55.170 during a calendar                                 
31       year but does not produce oil or gas from a lease or property in the state during the                             
01       calendar year shall file with the department on March 31 of the following year a                                  
02       statement, under oath, in a form prescribed by the department, giving, with other                                 
03       information required by the department under a regulation adopted by the                                      
04       department, the following:                                                                                    
05                 (1)  the producer's qualified capital expenditures, as defined in                                       
06       AS 43.55.023, other lease expenditures under AS 43.55.165, and adjustments or other                               
07       payments or credits under AS 43.55.170; [AND]                                                                     
08                 (2)  if the explorer or producer receives a payment or credit under                                     
09       AS 43.55.170, calculations showing whether the explorer or producer is liable for a                               
10       tax under AS 43.55.160(d) or 43.55.170(b) and, if so, the amount; and                                         
11                 (3)  for each expenditure that is the basis for a credit claimed under                              
12       this chapter, a description of the expenditure, a detailed description of the                                 
13       purpose of the expenditure, and a description of the lease or property for which                              
14       the expenditure was incurred; notwithstanding AS 43.05.230(a), information                                    
15       submitted under this paragraph may be disclosed to the public and shall be                                    
16       disclosed to the legislature in a report submitted within 10 days after the                                   
17       convening of the next regular legislative session following the date a statement is                           
18       filed under this section.                                                                                     
19    * Sec. 3. This Act takes effect July 1, 2012.