2013-02-28                     Senate Journal                      Page 0440
          credits based on production; relating to the oil and                                                                  
          gas tax credit fund; relating to annual statements by                                                                 
          producers and explorers; relating to the determination                                                                
          of annual oil and gas production tax value including                                                                  
          adjustments based on a percentage of gross value at                                                                   
          the point of production from certain leases or                                                                        
          properties; establishing the Oil and Gas Competitive                                                                  
          Review Board; making conforming amendments; and                                                                       
          providing for an effective date."                                                                                     
                                                                                                                                
and further recommended the adoption of the following Resources                                                                 
Committee Letter of Intent:                                                                                                     
                                                                                                                                
                               Letter of Intent                                                                                
                                                                                                                                
     It is the intent of the Legislature that Alaska's decline in oil                                                           
     production be arrested and reversed; and that the State                                                                    
     become competitive within its peer group in the global market                                                              
     of oil and gas resources.                                                                                                  
                                                                                                                                
     The legislature intends, through passage of SB 21, to: (1) put                                                             
     in place a system for the taxation of oil and gas that is fair,                                                            
     stable, predictable, durable, balanced, and free from                                                                      
     complexity across a wide range of oil prices; (2) promote a                                                                
     long-term, competitive, and vibrant oil and gas industry in the                                                            
     state; (3) acknowledge that the oil and gas industry plays an                                                              
     historic and crucial role in the state, providing revenue for and                                                          
     underpinning the resource-based economy of the state; (4)                                                                  
     attract the necessary capital investment from the industry to                                                              
     increase oil and gas production, increase the throughput of the                                                            
     Trans Alaska Pipeline System, incentivize the exploration and                                                              
     development of new oil, provide a bridge to production for the                                                             
     challenged and stranded oil and gas resources in the state,                                                                
     return the state to a leadership position in national domestic                                                             
     oil production, and ensure the prosperity of future generations                                                            
     of Alaskans; (5) reflect the policy determination that the                                                                 
     legislature chooses opportunity over decline.                                                                              
                                                                                                                                
Signing do pass: Senator Giessel, Chair; Senators McGuire, Dyson.                                                               
Signing do not pass: Senator French. Signing no recommendation:                                                                 
Senators Micciche, Bishop. Signing amend: Senator Fairclough.