2014-03-18                     Senate Journal                      Page 2055
                                                                                                                                
CSSB 138(FIN) am                                                                                                                
Second Reading                                                                                                                  
Amendment No. 11                                                                                                                
                                                                                                                                
YEAS:  5   NAYS:  15   EXCUSED:  0   ABSENT:  0                                                                               
                                                                                                                                
Yeas:  Ellis, French, Gardner, Hoffman, Wielechowski                                                                            
                                                                                                                                
Nays:  Bishop, Coghill, Dunleavy, Dyson, Egan, Fairclough, Giessel,                                                             
Huggins, Kelly, McGuire, Meyer, Micciche, Olson, Stedman, Stevens                                                               
                                                                                                                                
and so, Amendment No. 11 failed.                                                                                                
                                                                                                                                
Senators Wielechowski, Ellis, French, Gardner offered Amendment                                                                 
No. 12 :                                                                                                                         
                                                                                                                                
Page 28, line 8, through page 29, line 25:                                                                                      
     Delete all material and insert:                                                                                            
"* Sec. 35. AS 43.55.011(f) is repealed and reenacted to read:                                                                
          (f) Except for oil subject to (i) of this section of this section,                                                    
     the provisions of this subsection apply to oil produced from each                                                          
     lease or property within a unit or nonunitized reservoir that has                                                          
     cumulatively produced 1,000,000,000 barrels of oil by the close of                                                         
     the most recent calendar year and from which the average daily oil                                                         
     production from the unit or nonunitized reservoir during the most                                                          
     recent calendar year exceeded 100,000 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 produced from all leases or properties within the unit or                                                              
     nonunitized reservoir below 15 percent of the total gross value at                                                         
     the point of production of that oil. If the amount of tax calculated                                                       
     by multiplying the tax rate in (e) of this section by the total                                                            
     production tax value of the oil under (e) of this section produced                                                         
     from all of the producer's leases or properties within the unit or                                                         
     nonunitized reservoir is less than 15 percent of the total gross                                                           
     value at the point of production of that oil, the tax levied by (e) of                                                     
     this section for that oil is equal to 15 percent of the total gross                                                        
     value at the point of production of that oil."                                                                             
                                                                                                                                
Page 35, line 24:                                                                                                               
     Delete "and gas"                                                                                                           
     Insert "[AND GAS]"