Title "An Act repealing the oil production tax and gas production tax and providing for a production tax on oil and gas; relating to the relationship of that tax to other taxes, to the dates those tax payments and surcharges are due, to interest on overpayments of the tax, and to the treatment of the tax in a producer's settlement with the royalty owners; relating to flared gas, and to oil and gas used in the operation of a lease or property under the production tax; relating to the prevailing value of oil or gas under the production tax; providing for tax credits against the tax for certain expenditures and losses; amending the rates applicable to each of the two tax surcharges imposed on oil under the production tax that are used to support the oil and hazardous substance release prevention and response fund and relating to those surcharges; relating to statements or other information required to be filed with or furnished to the Department of Revenue, and relating to the penalty for failure to file certain reports, for the tax; relating to the powers of the Department of Revenue, and to the disclosure of certain information required to be furnished to the Department of Revenue, as applicable to the administration of the tax; relating to criminal penalties for violating conditions governing access to and use of confidential information relating to the tax, and to the deposit of tax money collected by the Department of Revenue; relating to the calculation of the gross value at the point of production of oil or gas; relating to the determination of the production tax value of oil and gas for purposes of a tax on the production tax value of oil and gas; relating to the definitions of 'gas,' 'oil,' and certain other terms for purposes of the production tax, and as the definition of the term 'gas' applies in the Alaska Stranded Gas Development Act; making conforming amendments; making uniform throughout the state the deadline for certain exploration expenditures used as credits against the production tax on oil and gas produced from a lease or property in the state by extending to July 1, 2016, the deadline for those expenditures and limiting use of the resultant credits; and providing for an effective date."
Amendments that are adopted are incorporated into the next version of the bill. PDF versions of the amendment may have slight variations from the Journal entry. The Journal should be considered the authoritative version.