2013-03-20                     Senate Journal                      Page 0644
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 read the third time.                                                                                        
                                                                                                                                
Senator Coghill moved that the bill be returned to second reading for                                                           
the purpose of specific amendments, those being Amendment Nos. 1                                                                
through 13. Without objection, the bill was returned to second reading.                                                         
                                                                                                                                
Senator McGuire called the Senate. The call was satisfied.                                                                      
                                                                                                                                
Senators Micciche, McGuire, Coghill, Bishop, Meyer, Giessel,                                                                    
Fairclough, Huggins, Dyson, Egan, Olson offered Amendment No. 1 :                                                                
                                                                                                                                
Page 5, lines 4 - 12:                                                                                                           
     Delete "the annual production tax value of the taxable oil and                                                         
gas as calculated under AS 43.55.160(a) produced during a                                                                   
calendar year [THE SUM OF]                                                                                                  
              (1)  before January 1, 2017, [THE ANNUAL                                                                      
     PRODUCTION TAX VALUE OF THE TAXABLE OIL AND                                                                                
     GAS AS CALCULATED UNDER AS 43.55.160(a)(1)]                                                                                
     multiplied by 35 [25] percent; and                                                                                     
              (2)  after December 31, 2016, multiplied by 33 percent                                                        
     [THE SUM, OVER ALL MONTHS OF THE CALENDAR                                                                                  
     YEAR, OF THE TAX AMOUNTS DETERMINED UNDER (g)                                                                              
     OF THIS SECTION]."                                                                                                         
     Insert "[THE SUM OF                                                                                                        
              (1)]  the annual production tax value of the taxable oil and                                                      
     gas as calculated under AS 43.55.160(a) [AS 43.55.160(a)(1)]                                                           
     multiplied by 35 [25] percent [; AND                                                                                   
              (2)  THE SUM, OVER ALL MONTHS OF THE                                                                              
     CALENDAR YEAR, OF THE TAX AMOUNTS DETERMINED                                                                               
     UNDER (g) OF THIS SECTION]."                                                                                               
                                                                                                                                
Page 9, line 5:                                                                                                                 
     Delete "the applicable tax rate in AS 43.55.011(e)"                                                                    
     Insert "35 percent"