2006-07-13                     House Journal                      Page 4235
HB 3004                                                                                           
HOUSE BILL NO. 3004 by Representatives Gara, Berkowitz,                                             
Gardner, Kerttula, Gruenberg, and Guttenberg, entitled:                                             
                                                                                                    

2006-07-13                     House Journal                      Page 4236
    "An Act relating to oil and gas, and to the oil and gas properties                              
    production (severance) tax as it applies to oil; providing for an                               
    adjustment to increase the tax collected when oil prices exceed                                 
    certain amounts and to reduce the tax collected when oil prices fall                            
    below $16 per barrel; providing for relief from the tax when the                                
    price per barrel is low or when the taxpayer demonstrates that a                                
    reduction in the tax is necessary to establish or reestablish                                   
    production from an oil field or pool that would not otherwise be                                
    economically feasible; delaying until July 1, 2016, the deadline for                            
    certain exploration expenditures that form the basis for a credit                               
    against the tax on oil and gas produced from a lease or property in                             
    the state; amending the powers and duties of the Alaska Oil and                                 
    Gas Conservation Commission; and providing for an effective                                     
    date."                                                                                          
                                                                                                    
was read the first time and referred to the Finance Committee.