2012-04-14                     Senate Journal                      Page 2288
HB 276                                                                                                                        
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                                                            

2012-04-14                     Senate Journal                      Page 2289
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" was engrossed, signed by the                                                               
President and Secretary and returned to the House for consideration.