2006-03-17                     House Journal                      Page 2794
HB 386                                                                                            
The House Special Committee on Oil & Gas has considered:                                            
                                                                                                    
    HOUSE BILL NO. 386                                                                              
    "An Act making uniform throughout the state the deadline for                                    
    certain exploration expenditures used as credits against the                                    
    production tax on oil and gas produced from a lease or property in                              
    the state by extending to July 1, 2010, the deadline for those                                  
    expenditures on leases or properties located north of 68 degrees,                               
    15 minutes, North latitude."                                                                    
                                                                                                    
and recommends it be replaced with:                                                                 
                                                                                                    
    CS FOR HOUSE BILL NO. 386(O&G)                                                                  
    "An Act making uniform throughout the state the deadline for                                    
    certain exploration expenditures used as credits against the                                    
    production tax on oil and gas produced from a lease or property in                              
    the state by extending to July 1, 2010, the deadline for those                                  

2006-03-17                     House Journal                      Page 2795
    expenditures on leases or properties located north of 68 degrees,                               
    15 minutes, North latitude, and expanding the purposes for which                                
    use of that credit is allowed; and delaying to June 30, 2010, the                               
    last date by which hydrocarbon exploration geophysical work                                     
    must be performed or drilling of a stratigraphic test well or                                   
    exploratory well must be completed in order for a person to                                     
    qualify for an exploration incentive credit under the oil and gas                               
    exploration incentive credit that is not authorized by the Alaska                               
    Land Act."                                                                                      
                                                                                                    
The report was signed by Representative Kohring, Chair, with the                                    
following individual recommendations:                                                               
                                                                                                    
Do pass (1):  Kohring                                                                               
                                                                                                    
No recommendation (3):  Samuels, Dahlstrom, Rokeberg                                                
                                                                                                    
The following fiscal note(s) apply to CSHB 386(O&G):                                                
                                                                                                    
1.  Zero, Dept. of Natural Resources                                                                
2.  Indeterminate, Dept. of Revenue                                                                 
                                                                                                    
HB 386 was referred to the Resources Committee.