2016-04-12                     House Journal                      Page 2262
Amendment No. 12 was offered  by Representative Seaton:                                                                          
                                                                                                                                
Page 6, lines 2 - 5:                                                                                                            
     Delete ", except that a credit authorized under this chapter                                                           
may reduce the tax under this subsection to less than four percent,                                                         
but not to less than two percent of the gross value at the point of                                                         
production"                                                                                                                 
                                                                                                                                
Page 6, lines 8 - 11:                                                                                                           
     Delete ", except that a credit authorized under this chapter                                                           
may reduce the tax under this subsection to less than four percent,                                                         
but not to less than two percent of the gross value at the point of                                                         
production"                                                                                                                 
                                                                                                                                
Page 16, line 6, following "January 1, 2016,":                                                                                  
     Insert "and before January 1, 2017,"                                                                                   
                                                                                                                                
Page 16, line 8, following "loss.":                                                                                             
     Insert "For lease expenditures incurred after December 31,                                                             
2016, to explore for, develop, or produce oil or gas deposits located                                                       
north of 68 degrees North latitude, a producer or explorer may                                                              
elect to take a tax credit in the amount of 25 percent of a carried-                                                        
forward annual loss."                                                                                                       
                                                                                                                                
Page 20, lines 3 - 27:                                                                                                          
     Delete all material and insert:                                                                                            
              "(1)  [$8 FOR EACH BARREL OF TAXABLE OIL IF                                                                       
     THE AVERAGE GROSS VALUE AT THE POINT OF                                                                                    
     PRODUCTION FOR THE MONTH IS LESS THAN $80 A                                                                                
     BARREL;                                                                                                                    
              (2)  $7 FOR EACH BARREL OF TAXABLE OIL IF                                                                         
     THE AVERAGE GROSS VALUE AT THE POINT OF                                                                                    
     PRODUCTION FOR THE MONTH IS GREATER THAN OR                                                                                
     EQUAL TO $80 A BARREL, BUT LESS THAN $90 A                                                                                 
     BARREL;                                                                                                                    
              (3)  $6 FOR EACH BARREL OF TAXABLE OIL IF                                                                         
     THE AVERAGE GROSS VALUE AT THE POINT OF                                                                                    
     PRODUCTION FOR THE MONTH IS GREATER THAN OR                                                                                
     EQUAL TO $90 A BARREL, BUT LESS THAN $100 A                                                                                
     BARREL;