Legislature(2009 - 2010)
2010-04-17 House Journal
Full Journal pdf2010-04-17 House Journal Page 2422 SB 305 The following was read the second time: 2010-04-17 House Journal Page 2423 CS FOR SENATE BILL NO. 305(FIN)(title am) "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 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." with the: Journal Page RES RPT HCS(RES) NT 2DP 5NR 2AM 2235 TITLE CHANGE: HCR 29 2235 FN1: ZERO(S.FIN/REV) 2236 FIN RPT HCS(FIN) NT 1DP 10NR 2381 TITLE CHANGE: HCR 29 2381 FN2: (REV) 2383 Representative Johansen moved and asked unanimous consent that the following committee substitute be adopted in lieu of the original bill: HOUSE CS FOR CS FOR SENATE BILL NO. 305(FIN) "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 2010-04-17 House Journal Page 2424 the difference between that average monthly production tax value 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 the lease expenditures that may be deducted when determining production tax value; 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." There being no objection, it was so ordered. Representative Johansen moved and asked unanimous consent that HCS CSSB 305(FIN) be considered engrossed, advanced to third reading, and placed on final passage. There was objection. HCS CSSB 305(FIN) will advance to third reading on tomorrow's calendar.