00                            SENATE BILL NO. 67                                                                          
01 "An Act extending the gas storage facility corporate income tax credit."                                                
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 43.20.046(a) is amended to read:                                                                   
04            (a)  A person that is an owner of a gas storage facility described in (b) of this                            
05       section that commences commercial operation after December 31, 2010, and before                                   
06       January 1, 2020 [2016], may apply a refundable credit against a tax liability that may                        
07       be imposed on the person under this chapter for the taxable year in which the gas                                 
08       storage facility commences commercial operation. The tax credit under this section                                
09       shall be an amount equal to $1.50 for each 1,000 cubic feet of working gas storage                                
10       capacity that is certified under AS 31.05.032 less any amount of credit received under                            
11       this section taken in earlier tax years for that capacity. The total amount of the credit                         
12       that may be received for a single gas storage facility under this section may not exceed                          
13       the lesser of $15,000,000 or 25 percent of the costs incurred to establish the gas                                
14       storage facility. The tax credit in this section is in addition to any other credit under                         
15       this chapter for which the person is eligible.