2010-07-09                     Senate Journal                      Page 2564
SB 305                                                                                                                        
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 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" was enrolled, signed by the                                                                
President and Secretary, Speaker and Chief Clerk and the engrossed                                                              
and enrolled copies transmitted to the Office of the Governor at                                                                
4:21 p.m., April 21, 2010.