Legislature(2011 - 2012)
2012-03-05 Senate Journal
Full Journal pdf2012-03-05 Senate Journal Page 1730 SB 192 The Resources Committee considered SENATE BILL NO. 192 "An Act relating to the oil and gas production tax; and providing for an effective date" and recommended it be replaced with CS FOR SENATE BILL NO. 192(RES) "An Act relating to the oil and gas production tax; relating to the minimum tax on oil and gas production; 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 0.35 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 $101.43, except that the total rate determined in the calculation may not exceed 35 percent; providing for an increase in the rate of tax on 2012-03-05 Senate Journal Page 1731 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 the allocation of lease expenditures and adjustments to lease expenditures; relating to the availability of funds from the oil and gas production tax for appropriation to the community revenue sharing fund; providing for a reduction in production tax value for certain oil; relating to the duties of the Alaska Oil and Gas Conservation Commission; relating to a petroleum information management system; relating to the duties of the Department of Natural Resources, the Department of Revenue, and the Department of Labor and Workforce Development that relate to providing the Alaska Oil and Gas Conservation Commission with certain information relating to oil and gas; and providing for an effective date." Signing amend: Senators Wagoner, Paskvan, Cochairs; Senators McGuire, Wielechowski, Stedman, Stevens. Signing no recommendation: Senator French. The following fiscal information was published today: Fiscal Note No. 1, indeterminate, Department of Natural Resources Fiscal Note No. 2, indeterminate, Department of Revenue The bill was referred to the Finance Committee.