2017-05-15                     Senate Journal                      Page 1222
                   Third Reading of House Bills (continued)                                                                  
                                                                                                                                
HB 111                                                                                                                        
SENATE CS FOR CS FOR HOUSE BILL NO. 111(FIN) "An Act                                                                            
relating to credits against the oil and gas production tax; relating to the                                                     
applicability of certain credits earned under the oil and gas production                                                        
tax to the tax on corporations; relating to tax credit certificates against                                                     
the oil and gas production tax and the issuance and assignment of                                                               
those certificates; relating to interest applicable to delinquent taxes;                                                        
relating to lease expenditures; relating to the oil and gas tax credit                                                          
fund; and providing for an effective date" was read the third time.                                                             
                                                                                                                                
Senator Micciche moved that the bill be returned to second reading for                                                          
the purpose of considering all amendments offered today. Without                                                                
objection, the bill was returned to second reading.                                                                             
                                                                                                                                
Senator Wielechowski offered Amendment No. 1 :                                                                                   
                                                                                                                                
Page 1, line 1:                                                                                                                 
     Delete "credits against the oil and gas production tax"                                                                  
     Insert "the oil and gas production tax, tax payments, and                                                                
credits"                                                                                                                      
                                                                                                                                
Page 3, following line 18:                                                                                                      
     Insert new bill sections to read:                                                                                          
   "* Sec. 4. 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, 2018                                                              
     [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;