CS FOR HOUSE BILL NO. 280(FIN) am                                                                                             
                                                                                                                                
     "An Act  relating to a  gas storage  facility; relating                                                                    
     to  the Regulatory  Commission of  Alaska; relating  to                                                                    
     the participation  by the attorney general  in a matter                                                                    
     involving  the  approval of  a  rate  or a  gas  supply                                                                    
     contract; relating  to an income  tax credit for  a gas                                                                    
     storage facility;  relating to  oil and  gas production                                                                    
     tax credits; relating  to the powers and  duties of the                                                                    
     Alaska  Oil and  Gas Conservation  Commission; relating                                                                    
     to  production  tax  credits  for  certain  losses  and                                                                    
     expenditures,   including   exploration   expenditures;                                                                    
     relating to  the powers and  duties of the  director of                                                                    
     the  division of  lands and  to  lease fees  for a  gas                                                                    
     storage facility  on state land;  and providing  for an                                                                    
     effective date."                                                                                                           
                                                                                                                                
5:19:10 PM                                                                                                                    
                                                                                                                                
Senator Thomas MOVED AMENDMENT number 1. 26-LS1185\N.5,                                                                         
Bullock, 4/17/10.                                                                                                               
                                                                                                                                
     Page 13, line 28:                                                                                                          
                                                                                                                                
          Delete "Cook Inlet sedimentary basin"                                                                             
          Insert "state south of 68 degrees North latitude"                                                                 
                                                                                                                              
     Page 13, lines 30-31:                                                                                                      
                                                                                                                                
          Delete "outside of the Cook Inlet sedimentary                                                                     
          basin"                                                                                                            
          Insert "in the state north of 68 degrees North                                                                    
          latitude"                                                                                                         
                                                                                                                              
     Page 15, lines 15-16:                                                                                                      
                                                                                                                                
          Delete "Cook Inlet well lease expenditure                                                                             
          incurred"                                                                                                             
          Insert "well lease expenditure incurred in the                                                                        
         state south of 68 degrees North latitude"                                                                              
                                                                                                                                
     Page 15, line 17:                                                                                                          
                                                                                                                                
          Delete "Cook Inlet well lease expenditure"                                                                            
          Insert "well lease expenditure incurred in the                                                                        
         state south of 68 degrees North latitude"                                                                              
                                                                                                                                
     Page 15, line 21:                                                                                                          
                                                                                                                                
          Delete "Cook Inlet well lease expenditure"                                                                            
          Insert "well lease expenditure in the state south                                                                     
          of 68 degrees North latitude"                                                                                         
                                                                                                                                
     Page 15, lines 25-26:                                                                                                      
                                                                                                                                
          Delete   "Cook   Inlet  well   lease   expenditure                                                                    
          incurred"                                                                                                             
          Insert  "well lease  expenditure  incurred in  the                                                                    
         state south of 68 degrees North Latitude"                                                                              
                                                                                                                                
     Page 16, line 1:                                                                                                           
                                                                                                                                
          Delete "Cook Inlet sedimentary basin"                                                                                 
          Insert "state south of 68 degrees North latitude"                                                                     
                                                                                                                                
     Page 16, line 3:                                                                                                           
                                                                                                                                
          Delete "Cook Inlet well lease expenditure"                                                                            
          Insert  "well lease  expenditure  incurred in  the                                                                    
         state south of 68 degrees North latitude"                                                                              
                                                                                                                                
     Page 16, line 7-8:                                                                                                         
                                                                                                                                
          Delete  "Cook Inlet  well lease  expenditure is  a                                                                    
          lease  expenditure that  is incurred  in the  Cook                                                                    
          Inlet sedimentary basin"                                                                                              
          Insert  "well lease  expenditure  incurred in  the                                                                    
          state  south of  68  degrees North  latitude is  a                                                                    
          lease expenditure"                                                                                                    
                                                                                                                                
     Page 16, line 11, following "disposal well":                                                                               
          Insert "located  in the state south  of 68 degrees                                                                    
          North latitude,"                                                                                                      
                                                                                                                                
Senator Thomas explained that the amendment allows for an                                                                       
expansion of the Prudhoe Bay landmark.                                                                                          
                                                                                                                                
Co-Chair Stedman Removed his Objection. There being NO                                                                          
OBJECTION, it was so ordered.                                                                                                   
                                                                                                                                
Co-Chair Stedman Moved to adopt Amendment 2, 26-LS1185\N.7,                                                                     
Bullock, 4/18/10.                                                                                                               
                                                                                                                                
     Page 13, line 18, through page 14, line 30:                                                                                
        Delete all material.                                                                                                    
                                                                                                                                
        Renumber the following bill sections                                                                                    
                                                                                                                                
        accordingly.                                                                                                            
                                                                                                                                
        Page 15, line 16:                                                                                                       
        Delete "December 31"                                                                                                    
        Insert "June 30"                                                                                                        
                                                                                                                                
        Page 16, line 2:                                                                                                        
        Delete "December 31 "                                                                                                   
       Insert "June 30"                                                                                                         
                                                                                                                                
        Page 16, line 4:                                                                                                        
        Delete "a transferable tax credit                                                                                       
                                                                                                                                
        certificate"                                                                                                            
        Insert "transferable tax credit                                                                                         
                                                                                                                                
        certificates"                                                                                                           
                                                                                                                                
       Page 16, lines 5 -6:                                                                                                     
        Delete "is available for immediate use                                                                                  
                                                                                                                                
        and does"                                                                                                               
       Insert "certificates do"                                                                                                 
                                                                                                                                
DARWIN PETERSON, STAFF, SENATOR  BURT STEDMAN, explained the                                                                    
changes proposed in the  amendment. Co-Chair Stedman REMOVED                                                                    
his objection. There being NO OBJECTION, it was so ordered.                                                                     
                                                                                                                                
Co-Chair Stedman explained the fiscal notes.                                                                                    
                                                                                                                                
Co-Chair Hoffman MOVED to report  CS HB 280 out of Committee                                                                    
with individual recommendations  and the accompanying fiscal                                                                    
notes. There being NO OBJECTION, it was so ordered.                                                                             
                                                                                                                                
CS HB  280 was REPORTED  out of  Committee with a  "do pass"                                                                    
recommendation and with one new  fiscal impact note from the                                                                    
Department  of   Natural  Resources  and   three  previously                                                                    
published zero notes: FN 1 (ADM), FN 2 (CED), FN 5 (REV).