2010-04-01                     Senate Journal                      Page 2077
SB 305                                                                                                                        
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                                                                   

2010-04-01                     Senate Journal                      Page 2078
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"                                                         
was engrossed, signed by the President and Secretary and transmitted                                                            
to the House for consideration.