00                       CS FOR HOUSE BILL NO. 87(FIN)                                                                    
01 "An Act relating to the liquefied natural gas storage facility tax credit; and providing                                
02 for an effective date."                                                                                                 
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 43.20.047(a) is amended to read:                                                                   
05 (a)  A person that is an owner of a liquefied natural gas storage facility                                              
06 described in (b) of this section that commences commercial operation before                                             
07 January 1, 2021 [JANUARY 1, 2020], may apply a refundable credit against a tax                                      
08 liability [THAT MAY BE] imposed on the person under this chapter or receive the                                         
09 amount of the credit in the form of a payment for the taxable year in which the                                         
10 liquefied natural gas storage facility commences commercial operation. [THE TAX                                         
11 CREDIT OR PAYMENT UNDER THIS SECTION MAY NOT EXCEED THE                                                                 
12 LESSER OF $15,000,000 OR 50 PERCENT OF THE COSTS INCURRED TO                                                            
13 ESTABLISH OR EXPAND THE LIQUEFIED NATURAL GAS STORAGE                                                                   
14 FACILITY.] The tax credit in this section is in addition to any other credit under this                                 

01       chapter for which the person is eligible. A tax credit or payment under this section                          
02       for a liquefied natural gas storage facility that commences commercial operation                              
03                 (1)  before January 1, 2020, may not exceed the lesser of                                           
04                      (A)  $15,000,000; or                                                                           
05                      (B)  50 percent of the costs incurred to establish or expand                                   
06            the liquefied natural gas storage facility;                                                              
07                 (2)  on or after January 1, 2020, and before January 1, 2021, may                                   
08       not exceed $5,000,000.                                                                                        
09    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).