2016-04-09                     House Journal                      Page 2148
HB 247                                                                                                                        
The Finance Committee considered:                                                                                               
                                                                                                                                
     HOUSE BILL NO. 247                                                                                                         
     "An Act relating to confidential information status and public                                                             
     record status of information in the possession of the Department                                                           
     of Revenue; relating to interest applicable to delinquent tax;                                                             
     relating to disclosure of oil and gas production tax credit                                                                
     information; relating to refunds for the gas storage facility tax                                                          
     credit, the liquefied natural gas storage facility tax credit, and the                                                     
     qualified in-state oil refinery infrastructure expenditures tax credit;                                                    
     relating to the minimum tax for certain oil and gas production;                                                            
     relating to the minimum tax calculation for monthly installment                                                            
     payments of estimated tax; relating to interest on monthly                                                                 
     installment payments of estimated tax; relating to limitations for                                                         
     the application of tax credits; relating to oil and gas production tax                                                     
     credits for certain losses and expenditures; relating to limitations                                                       
     for nontransferable oil and gas production tax credits based on oil                                                        
     production and the alternative tax credit for oil and gas                                                                  
     exploration; relating to purchase of tax credit certificates from the                                                      
     oil and gas tax credit fund; relating to a minimum for gross value                                                         
     at the point of production; relating to lease expenditures and tax                                                         
     credits for municipal entities; adding a definition for "qualified                                                         
     capital expenditure"; adding a definition for "outstanding liability                                                       
     to the state"; repealing oil and gas exploration incentive credits;                                                        

2016-04-09                     House Journal                      Page 2149
     repealing the limitation on the application of credits against tax                                                         
     liability for lease expenditures incurred before January 1, 2011;                                                          
     repealing provisions related to the monthly installment payments                                                           
     for estimated tax for oil and gas produced before January 1, 2014;                                                         
     repealing the oil and gas production tax credit for qualified capital                                                      
     expenditures and certain well expenditures; repealing the                                                                  
     calculation for certain lease expenditures applicable before                                                               
     January 1, 2011; making conforming amendments; and providing                                                               
     for an effective date."                                                                                                    
                                                                                                                                
and recommends it be replaced with:                                                                                             
                                                                                                                                
     CS FOR HOUSE BILL NO. 247(FIN)                                                                                             
     "An Act relating to interest applicable to delinquent tax; relating                                                        
     to the oil and gas production tax, tax payments, and credits;                                                              
     relating to the minimum oil and gas production tax; relating to                                                            
     refunds for the gas storage facility tax credit, the liquefied natural                                                     
     gas storage facility tax credit, and the qualified in-state oil refinery                                                   
     infrastructure expenditures tax credit; relating to the assessment of                                                      
     an oil and gas production tax imposed; relating to oil and gas lease                                                       
     expenditures and production tax credits for municipal entities;                                                            
     relating to a bond or cash deposit required for an oil or gas                                                              
     business; establishing a legislative working group to study the tax                                                        
     structure for oil and gas produced south of 68 degrees North                                                               
     latitude; and providing for an effective date."                                                                            
                                                                                                                                
The report was signed by Representatives Neuman and Thompson,                                                                   
Co-chairs, with the following individual recommendations:                                                                       
                                                                                                                                
Do pass (1):  Thompson                                                                                                          
                                                                                                                                
Do not pass (4):  Pruitt, Wilson, Kawasaki, Gattis                                                                              
                                                                                                                                
No recommendation (2):  Saddler, Neuman                                                                                         
                                                                                                                                
Amend (4):  Gara, Guttenberg, Edgmon, Munoz                                                                                     
                                                                                                                                
The following fiscal note(s) apply to CSHB 247(FIN):                                                                            
                                                                                                                                
5.  Zero, Dept. of Natural Resources                                                                                            
6.  Fiscal, Dept. of Revenue                                                                                                    
                                                                                                                                
HB 247 is on today's calendar.