2012-01-18                     Senate Journal                      Page 1244
SB 167                                                                                                                        
SENATE BILL NO. 167 BY THE SENATE FINANCE                                                                                       
COMMITTEE, entitled:                                                                                                            
                                                                                                                                
      "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 read the first time and referred to the Finance Committee.