Legislature(2015 - 2016)
2016-05-13 House Journal
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Full Journal pdf2016-05-13 House Journal Page 2876 and tax structure and rates for oil and gas produced south of 68 degrees North latitude; and providing for an effective date." Amendment No. 21 was offered by Representatives Gara, Ortiz, Kawasaki, Drummond, Spohnholz, Guttenberg, Tarr, Josephson, Wool, Tuck, and Kreiss-Tomkins: Page 1, line 6, following "interest;" (title amendment): Insert "relating to the minimum oil and gas production tax" Page 5, following line 29: Insert a new bill section to read: "* Sec. 13. AS 43.55.011(f) is amended to read: (f) The levy of tax under (e) of this section for (1) oil and gas produced before January 1, 2017 [JANUARY 1, 2022], from leases or properties that include land north of 68 degrees North latitude, other than gas subject to (o) of this section, may not be less than (A) four percent of the gross value at the point of production when the average price per barrel for Alaska North Slope crude oil for sale on the United States West Coast during the calendar year for which the tax is due is more than $25; (B) three percent of the gross value at the point of production when the average price per barrel for Alaska North Slope crude oil for sale on the United States West Coast during the calendar year for which the tax is due is over $20 but not over $25; (C) two percent of the gross value at the point of production when the average price per barrel for Alaska North Slope crude oil for sale on the United States West Coast during the calendar year for which the tax is due is over $17.50 but not over $20; (D) one percent of the gross value at the point of production when the average price per barrel for Alaska North Slope crude oil for sale on the United States West Coast during the calendar year for which the tax is due is over $15 but not over $17.50; or (E) zero percent of the gross value at the point of production when the average price per barrel for Alaska North