Legislature(1997 - 1998)
1998-03-26 House Journal
Full Journal pdf1998-03-26 House Journal Page 2749 HB 393 The House Special Committee on Oil & Gas has considered: HOUSE BILL NO. 393 "An Act relating to contracts with the state establishing payments in lieu of other taxes by a qualified sponsor or qualified sponsor group for projects to develop stranded gas resources in the state; providing for the inclusion in such contracts of terms making certain adjustments regarding royalty value and the timing and notice of the state's right to take royalty in kind or in value from such projects; relating to the effect of such contracts on municipal taxation; and providing for an effective date." and recommends it be replaced with: CS FOR HOUSE BILL NO. 393(O&G) "An Act relating to contracts with the state establishing payments in lieu of other taxes by a qualified sponsor or qualified sponsor group for projects to develop stranded gas resources in the state; providing for the inclusion in the contracts of terms making certain adjustments regarding royalty value and the timing and notice of the state's right to take royalty in kind or in value from projects to develop stranded gas resources in the state; relating to the effect of the contracts on municipal taxation; and providing for an effective date." and recommends the following amendment to CSHB 393(O&G): 1998-03-26 House Journal Page 2750 HB 393 Page 2, line 19, following "tankers": Insert "although experimental research is being conducted on other alternative technologies such as gas to liquids, this technology is not yet commercially viable; if this research results in a commercially viable technology, and, after economic analysis by the state of the application of this technology, it is shown that local or state tax or regulatory changes are necessary to commercialize an Alaska project using this technology, then this technology may be considered in regard to this legislation" The report was signed by Representative Hodgins, Chair, with the following individual recommendations: Do pass (1): Hodgins No recommendation (5): Bunde, Ogan, Rokeberg, Brice, Kemplen The following fiscal notes apply to CSHB 393(O&G): Fiscal note, Dept. of Natural Resources, 2/11/98 Fiscal note, Dept. of Revenue, 2/11/98 HB 393 was referred to the Resources Committee. **The presence of Representative Kott was noted.