1998-04-07                     House Journal                      Page 2900
HB 393                                                                       
The Finance Committee 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."                                

1998-04-07                     House Journal                      Page 2901
HB 393                                                                       
and recommends it be replaced with:                                            
                                                                               
CS FOR HOUSE BILL NO. 393(RES)                                                
"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."                                                               
                                                                               
The report was signed by Representatives Therriault and Hanley,                
Co-chairs, with the following individual recommendations:                      
                                                                               
Do pass (4):  Davies, Mulder, Kohring, Foster                                  
                                                                               
No recommendation (5):  Therriault, Martin, Kelly, Grussendorf,                
Hanley                                                                         
                                                                               
The following fiscal notes apply to CSHB 393(RES):                             
                                                                               
Fiscal note, Dept. of Natural Resources, 2/11/98                               
Fiscal note, Dept. of Revenue, 2/11/98                                         
                                                                               
HB 393 was referred to the Rules Committee for placement on the                
calendar.