2012-04-15                     House Journal                      Page 2462
HB 276                                                                                                                        
A message dated April 14, 2012, was read stating the Senate passed:                                                             
                                                                                                                                
     CS FOR HOUSE BILL NO. 276(FIN)                                                                                             
     "An Act providing for a credit against the oil and gas production                                                          
     tax for costs incurred for conducting seismic exploration and                                                              
     drilling certain oil or natural gas exploration wells in certain                                                           
     basins; relating to the determination of the production tax value of                                                       
     oil and gas production; and relating to a special tax rate for new                                                         
     oil or gas production south of 68 degrees North latitude."                                                                 
                                                                                                                                
with the following amendment, and it is transmitted for consideration:                                                          
                                                                                                                                
             SENATE CS FOR CS FOR HOUSE BILL NO. 276(FIN) am S                                                                 
     "An Act relating to the oil and gas production tax; providing for a                                                        
     reduction in the production tax value of a producer in the amount                                                          
     of 30 percent of the gross value at the point of production for oil                                                        
     and gas produced from certain leases or properties north of 68                                                             
     degrees North latitude that were not, as of January 1, 2008, in                                                            
     commercial production or within a unit; providing for a credit                                                             
     against the oil and gas production tax for costs incurred for                                                              
     conducting seismic exploration and drilling certain oil or natural                                                         
     gas exploration wells in certain basins; relating to the                                                                   
     determination of the production tax value of oil and gas                                                                   
     production; providing that the tax rate for new oil or gas                                                                 
     production south of 68 degrees North latitude and outside of the                                                           
     Cook Inlet sedimentary basin may not exceed four percent of the                                                            
     gross value at the point of production; and providing for an                                                               
     effective date."                                                                                                           
                                                                                                                                
 (SCR 35 - title change resolution)                                                                                             
                                                                                                                                
CSHB 276(FIN) is under Unfinished Business.