Legislature(2011 - 2012)
2012-04-14 Senate Journal
Full Journal pdf2012-04-14 Senate Journal Page 2263 HB 276 The Finance Committee considered 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" and recommended it be replaced with SENATE CS FOR CS FOR HOUSE BILL NO. 276(FIN) "An Act relating to the oil and gas production tax; providing for a reduction in the production tax value 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." (Title change SCR 35) 2012-04-14 Senate Journal Page 2264 Signing do pass: Senators Hoffman, Stedman, Cochairs; Senators Thomas, Egan, McGuire, Olson, Ellis. The following fiscal information was published today: Fiscal Note No. 5, indeterminate, Department of Revenue The following previously published fiscal information applies: Fiscal Note No. 3, indeterminate, Department of Revenue Fiscal Note No. 4, Department of Natural Resources The bill was referred to the Rules Committee.