2010-04-05                     House Journal                      Page 2013
SB 305                                                                                                                        
CS FOR SENATE BILL NO. 305(FIN)(title am) by the Senate                                                                         
Finance Committee, entitled:                                                                                                    
                                                                                                                                
    "An Act providing that the tax rate applicable to the production of                                                         
    oil as the average production tax value of oil, gas produced in the                                                         
    Cook Inlet sedimentary basin, and gas produced outside of the                                                               
    Cook Inlet sedimentary basin and used in the state increases above                                                          
    $30 shall be 0.4 percent multiplied by the number that represents                                                           
    the difference between that average monthly production tax value                                                            

2010-04-05                     House Journal                      Page 2014
    and $30, or the sum of 25 percent and the product of 0.1 percent                                                            
    multiplied by the number that represents the difference between                                                             
    that average monthly production tax value and $92.50, except that                                                           
    the total rate determined in the calculation may not exceed 50                                                              
    percent; providing for an increase in the rate of tax on the                                                                
    production of gas as the average production tax value on a BTU                                                              
    equivalent barrel basis of gas produced outside of the Cook Inlet                                                           
    sedimentary basin and not used in the state increases above $30;                                                            
    relating to payments of the oil and gas production tax; relating to                                                         
    availability of a portion of the money received from the tax on oil                                                         
    and gas production for appropriation to the community revenue                                                               
    sharing fund; relating to the allocation of lease expenditures and                                                          
    adjustments to lease expenditures; and providing for an effective                                                           
    date."                                                                                                                      
                                                                                                                                
was read the first time and referred to the Resources and Finance                                                               
Committees.