2013-03-19                     Senate Journal                      Page 0628
relating to nontransferable tax 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 values including adjustments based on a                                                                  
percentage of gross value at the point of production from certain leases                                                        
or properties; making conforming amendments; and providing for an                                                               
effective date" was read the second time.                                                                                       
                                                                                                                                
Senator Meyer, Cochair, moved and asked unanimous consent for the                                                               
adoption of the Finance Committee Substitute offered on page 600.                                                               
Senator Ellis objected.                                                                                                         
                                                                                                                                
Senator Meyer moved and asked unanimous consent to abstain from                                                                 
voting due to a conflict of interest. Objections were heard and Senator                                                         
Meyer was required to vote.                                                                                                     
                                                                                                                                
Senator Micciche moved and asked unanimous consent to abstain                                                                   
from voting due to a conflict of interest. Objections were heard and                                                            
Senator Micciche was required to vote.                                                                                          
                                                                                                                                
Senator Ellis withdrew his objection to the adoption of the Finance                                                             
Committee Substitute. There being no further objection, CS FOR                                                                  
SENATE BILL NO. 21(FIN) "An Act relating to the interest rate                                                                   
applicable to certain amounts due for fees, taxes, and payments made                                                            
and property delivered to the Department of Revenue; providing a tax                                                            
credit against the corporation income tax for qualified oil and gas                                                             
service industry expenditures; relating to the oil and gas production tax                                                       
rate; relating to gas used in the state; relating to monthly installment                                                        
payments of the oil and gas production tax; relating to oil and gas                                                             
production tax credits for certain losses and expenditures; relating to                                                         
oil and gas production tax credit certificates; relating to                                                                     
nontransferable tax credits based on production; relating to the oil and                                                        
gas tax credit fund; relating to annual statements by producers and                                                             
explorers; establishing the Oil and Gas Competitiveness Review                                                                  
Board; making conforming amendments; and providing for an                                                                       
effective date" was adopted.                                                                                                    
                                                                                                                                
President Huggins stated CS FOR SENATE BILL NO. 21(FIN) will                                                                    
advance to third reading on the March 20 calendar.