2016-04-12                     House Journal                      Page 2265
Excused:  Colver, Hawker                                                                                                        
                                                                                                                                
And so, Amendment No. 12 was not adopted.                                                                                       
                                                                                                                                
Amendment No. 13 was offered  by Representative Seaton:                                                                          
                                                                                                                                
Page 15, following line 9:                                                                                                      
     Insert a new bill section to read:                                                                                         
"* Sec. 14. AS 43.55.023(a) is amended to read:                                                                               
         (a)  A producer or explorer may take a tax credit for a                                                                
     qualified capital expenditure as follows:                                                                                  
              (1)  notwithstanding that a qualified capital expenditure                                                         
     may be a deductible lease expenditure for purposes of calculating                                                          
     the production tax value of oil and gas under AS 43.55.160(a),                                                             
     unless a credit for that expenditure is taken under AS 38.05.180(i),                                                       
     AS 41.09.010, AS 43.20.043, or AS 43.55.025, a producer or                                                                 
     explorer that incurs a qualified capital expenditure                                                                       
                  (A)  south of 68 degrees North latitude and outside                                                       
         the Cook Inlet sedimentary basin may also elect to apply a                                                         
         tax credit against a tax levied by AS 43.55.011(e) in the                                                              
         amount of 20 percent of that expenditure;                                                                              
                  (B)  in the Cook Inlet sedimentary basin before                                                           
         July 1, 2016, may also elect to apply a tax credit against a                                                       
         tax levied by AS 43.55.011(e) in the amount of 20 percent                                                          
         of that expenditure;                                                                                               
              (2)  a producer or explorer may take a credit for a                                                               
     qualified capital expenditure incurred in connection with                                                                  
     geological or geophysical exploration or in connection with an                                                             
     exploration well only if the producer or explorer                                                                          
                  (A)  agrees, in writing, to the applicable provisions of                                                      
         AS 43.55.025(f)(2); and                                                                                                
                  (B)  submits to the Department of Natural Resources                                                           
         all data that would be required to be submitted under                                                                  
         AS 43.55.025(f)(2);                                                                                                    
              (3)  a credit for a qualified capital expenditure incurred to                                                     
     explore for, develop, or produce oil or gas deposits located north                                                         
     of 68 degrees North latitude may be taken only if the expenditure                                                          
     is incurred before January 1, 2014."                                                                                       
                                                                                                                                
Renumber the following bill sections accordingly.