2005-05-01                     Senate Journal                      Page 1229
HB 71                                                                                             
CS FOR HOUSE BILL NO. 71(FIN) am BY THE HOUSE FINANCE                                               
COMMITTEE, entitled:                                                                                
                                                                                                    
          "An Act providing standards for the interpretation of                                     
          certain terms in state oil and gas leases and unit                                        
          agreements, requiring development, production,                                            
          processing, and marketing of gas that is determined                                       
          to meet those standards, and setting a maximum time                                       
          limit on that activity; extending and amending the                                        
          requirements applicable to the credit that may be                                         
          claimed for certain oil and gas exploration expenses                                      
          incurred in Cook Inlet against oil and gas properties                                     
          production (severance) taxes, and amending the                                            
          credit against those taxes for certain exploration                                        
          expenditures from leases or properties in the state;                                      
          and providing for an effective date."                                                     
                                                                                                    
was read the first time and referred to the Resources and Finance                                   
Committees.