2006-02-21                     Senate Journal                      Page 2257
SB 305                                                                                            
SENATE BILL NO. 305 BY THE SENATE RULES                                                             
COMMITTEE BY REQUEST OF THE GOVERNOR,                                                               
entitled:                                                                                           
                                                                                                    
"An Act repealing the oil production tax and gas production tax and                                 
providing for a production tax on the net value of oil and gas; relating                            
to the relationship of the production tax to other taxes; relating to the                           
dates tax payments and surcharges are due under AS 43.55; relating to                               
interest on overpayments under AS 43.55; relating to the treatment of                               
oil and gas production tax in a producer's settlement with the royalty                              
owner; relating to flared gas, and to oil and gas used in the operation                             
of a lease or property, under AS 43.55; relating to the prevailing value                            
of oil or gas under AS 43.55; providing for tax credits against the tax                             
due under AS 43.55 for certain expenditures, losses, and surcharges;                                
relating to statements or other information required to be filed with or                            
furnished to the Department of Revenue, and relating to the penalty for                             
failure to file certain reports, under AS 43.55; relating to the powers of                          
the Department of Revenue, and to the disclosure of certain                                         
information required to be furnished to the Department of Revenue,                                  
under AS 43.55; relating to criminal penalties for violating conditions                             
governing access to and use of confidential information relating to the                             
oil and gas production tax; relating to the deposit of money collected                              
by the Department of Revenue under AS 43.55; relating to the                                        
calculation of the gross value at the point of production of oil or gas;                            
relating to the determination of the net value of taxable oil and gas for                           
purposes of a production tax on the net value of oil and gas; relating to                           
the definitions of 'gas,' 'oil,' and certain other terms for purposes of AS                         
43.55; making conforming amendments; and providing for an                                           
effective date."                                                                                    
                                                                                                    
was read the first time and referred to the Resources and Finance                                   
Committees.                                                                                         
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, zero, Department of Natural Resources                                           
 Fiscal Note No. 2, Department of Revenue