2006-07-25                     House Journal                      Page 4253
HB 3004                                                                                           
SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 3004 by                                                       
Representatives Gara, Berkowitz, Gardner, Kerttula, Gruenberg,                                      
Guttenberg, Croft, and Crawford, entitled:                                                          
                                                                                                    
     "An Act relating to oil and gas, and to the oil and gas properties                             
     production (severance) tax as it applies to oil; providing for an                              
     adjustment to increase the tax collected when oil prices exceed                                
     $20 per barrel and to reduce the tax collected when oil prices fall                            
     below $16 per barrel; providing for relief from the tax when the                               
     price per barrel is low or when the taxpayer demonstrates that a                               
     reduction in the tax is necessary to establish or reestablish                                  
     production from an oil field or pool that would not otherwise be                               
     economically feasible; delaying until July 1, 2016, the deadline for                           
     certain exploration expenditures that form the basis for a credit                              

2006-07-25                     House Journal                      Page 4254
     against the tax on oil and gas produced from a lease or property in                            
     the state; amending the powers and duties of the Alaska Oil and                                
     Gas Conservation Commission; relating to the conservation                                      
     surcharge and additional conservation surcharge on oil; and                                    
     providing for an effective date."                                                              
                                                                                                    
was read the first time and referred to the Finance Committee.