2013-03-20                     Senate Journal                      Page 0707
Senators Wielechowski, Ellis, French, Gardner offered Amendment                                                                 
No. 6 :                                                                                                                          
                                                                                                                                
Page 1, line 4, following "rate;":                                                                                            
     Insert "relating to the minimum tax on oil and gas                                                                       
production;"                                                                                                                  
                                                                                                                                
Page 5, following line 12:                                                                                                      
     Insert a new bill section to read:                                                                                         
"* Sec. 10. AS 43.55.011(f) is repealed and reenacted to read:                                                                
          (f)  Except for oil and gas subject to (i) of this section and gas                                                    
     subject to (o) of this section, the provisions of this subsection                                                          
     apply to oil and gas produced from each lease or property within a                                                         
     unit or nonunitized reservoir that has cumulatively produced                                                               
     1,000,000,000 BTU equivalent barrels of oil or gas by the close of                                                         
     the most recent calendar year and from which the average daily oil                                                         
     and gas production from the unit or nonunitized reservoir during                                                           
     the most recent calendar year exceeded 100,000 BTU equivalent                                                              
     barrels. Notwithstanding any contrary provision of law, a producer                                                         
     may not apply tax credits to reduce its total tax liability under (e)                                                      
     of this section for oil and gas produced from all leases or                                                                
     properties within the unit or nonunitized reservoir below 10                                                               
     percent of the total gross value at the point of production of that                                                        
     oil and gas. If the amount of tax calculated by multiplying the tax                                                        
     rates in (e) of this section by the total production tax value of the                                                      
     oil and gas taxable under (e) of this section produced from all of                                                         
     the producer's leases or properties within the unit or nonunitized                                                         
     reservoir is less than 10 percent of the total gross value at the point                                                    
     of production of that oil and gas, the tax levied by (e) of this                                                           
     section for that oil and gas is equal to 10 percent of the total gross                                                     
     value at the point of production of that oil and gas."                                                                     
                                                                                                                                
Renumber the following bill sections accordingly.                                                                               
                                                                                                                                
Page 8, line 21:                                                                                                                
     Delete "sec. 11"                                                                                                           
     Insert "sec. 12"