2010-04-16                     Senate Journal                      Page 2395
SB 309                                                                                                                        
SENATE BILL NO. 309 "An Act amending and extending the                                                                          
exploration and development incentive tax credit under the Alaska Net                                                           
Income Tax Act for operators and working interest owners directly                                                               
engaged in the exploration for and development of gas from a lease or                                                           
property in the state; providing for an effective date by amending the                                                          
effective date for sec. 2, ch. 61, SLA 2003; and providing for an                                                               
effective date" was read the second time.                                                                                       
                                                                                                                                
Senator Hoffman, Cochair, moved and asked unanimous consent for                                                                 
the adoption of the Finance Committee Substitute offered on page                                                                
2389. Without objection, CS FOR SENATE BILL NO. 309(FIN) "An                                                                    
Act amending and extending the exploration and development                                                                      
incentive tax credit under the Alaska Net Income Tax Act for                                                                    
operators and working interest owners directly engaged in the                                                                   
exploration for and development of gas from a lease or property in the                                                          
state; relating to interest on certain underpayments or overpayments of                                                         
the oil and gas production tax; providing a credit against the tax on the                                                       
production of oil and gas for drilling certain exploration wells in the                                                         
Cook Inlet sedimentary basin; relating to the use of the oil and gas tax                                                        
credit fund to purchase certain tax credit certificates; providing for an                                                       
effective date by amending the effective date for sec. 2, ch. 61, SLA                                                           
2003; and providing for an effective date" was adopted.                                                                         
                                                                                                                                
Senator Ellis moved and asked unanimous consent that the bill be                                                                
considered engrossed, advanced to third reading and placed on final                                                             
passage. Without objection, it was so ordered.                                                                                  
                                                                                                                                
CS FOR SENATE BILL NO. 309(FIN) was read the third time.                                                                        
                                                                                                                                
Senator Meyer moved and asked unanimous consent to abstain from                                                                 
voting due to a conflict of interest. Objections were heard and Senator                                                         
Meyer was required to vote.                                                                                                     

2010-04-16                     Senate Journal                      Page 2396
The question being: "Shall CS FOR SENATE BILL NO. 309(FIN)                                                                      
"An Act amending and extending the exploration and development                                                                  
incentive tax credit under the Alaska Net Income Tax Act for                                                                    
operators and working interest owners directly engaged in the                                                                   
exploration for and development of gas from a lease or property in the                                                          
state; relating to interest on certain underpayments or overpayments of                                                         
the oil and gas production tax; providing a credit against the tax on the                                                       
production of oil and gas for drilling certain exploration wells in the                                                         
Cook Inlet sedimentary basin; relating to the use of the oil and gas tax                                                        
credit fund to purchase certain tax credit certificates; providing for an                                                       
effective date by amending the effective date for sec. 2, ch. 61, SLA                                                           
2003; and providing for an effective date" pass the Senate?" The roll                                                           
was taken with the following result:                                                                                            
                                                                                                                                
CSSB 309(FIN)                                                                                                                   
Third Reading - Final Passage                                                                                                   
Effective Dates                                                                                                                 
                                                                                                                                
YEAS:  19   NAYS:  0   EXCUSED:  1   ABSENT:  0                                                                               
                                                                                                                                
Yeas:  Bunde, Coghill, Dyson, Egan, Ellis, French, Hoffman, Huggins,                                                            
Kookesh, McGuire, Menard, Meyer, Olson, Paskvan, Stedman,                                                                       
Stevens, Thomas, Wagoner, Wielechowski                                                                                          
                                                                                                                                
Excused:  Davis                                                                                                                 
                                                                                                                                
and so, CS FOR SENATE BILL NO. 309(FIN) passed the Senate.                                                                      
                                                                                                                                
Senator Ellis moved and asked unanimous consent that the vote on the                                                            
passage of the bill be considered the vote on the effective date clauses.                                                       
Without objection, it was so ordered and the bill was referred to the                                                           
Secretary for engrossment.