2014-03-17                     Senate Journal                      Page 2011
rate for gas after 2021; making the alternate minimum tax on oil and                                                            
gas produced north of 68 degrees North latitude after 2021 apply only                                                           
to oil; relating to apportionment factors of the Alaska Net Income Tax                                                          
Act; authorizing a producer's election to pay the oil and gas production                                                        
tax in kind for certain gas and relating to the authorization; relating to                                                      
monthly installment payments of the oil and gas production tax;                                                                 
relating to interest payments on monthly installment payments of the                                                            
oil and gas production tax; relating to settlements between producers                                                           
and royalty owners for oil and gas production tax; relating to annual                                                           
statements by producers and explorers; relating to annual production                                                            
tax values; relating to lease expenditures; amending the definition of                                                          
gross value at the 'point of production' for gas for purposes of the oil                                                        
and gas production tax; adding definitions related to natural gas terms;                                                        
clarifying that credit may not be taken against the in-kind levy of the                                                         
oil and gas production tax for gas for purposes of the exploration                                                              
incentive credit, the oil or gas producer education credit, and the film                                                        
production tax credit; making conforming amendments; and providing                                                              
for an effective date" was read the second time.                                                                                
                                                                                                                                
Senator Kelly, Cochair, moved and asked unanimous consent for the                                                               
adoption of the Finance Committee Substitute offered on page 1956.                                                              
Senator French objected, then withdrew his objection. There being no                                                            
further objection, CS FOR SENATE BILL NO. 138(FIN) "An Act                                                                      
relating to the purposes, powers, and duties of the Alaska Gasline                                                              
Development Corporation; relating to an in-state natural gas pipeline,                                                          
an Alaska liquefied natural gas project, and associated funds; requiring                                                        
state agencies and other entities to expedite reviews and actions related                                                       
to natural gas pipelines and projects; relating to the authorities and                                                          
duties of the commissioner of natural resources relating to a North                                                             
Slope natural gas project, oil and gas and gas only leases, and royalty                                                         
gas and other gas received by the state including gas received as                                                               
payment for the production tax on gas; relating to the tax on oil and                                                           
gas production, on oil production, and on gas production; relating to                                                           
the duties of the commissioner of revenue relating to a North Slope                                                             
natural gas project and gas received as payment for tax; relating to                                                            
confidential information and public record status of information                                                                
provided to or in the custody of the Department of Natural Resources                                                            
and the Department of Revenue; relating to apportionment factors of                                                             
the Alaska Net Income Tax Act; amending the definition of gross                                                                 
value at the 'point of production' for gas for purposes of the oil and gas