Legislature(2005 - 2006)
2006-07-25 House Journal
Full Journal pdf2006-07-25 House Journal Page 4253 HB 3004 SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 3004 by Representatives Gara, Berkowitz, Gardner, Kerttula, Gruenberg, Guttenberg, Croft, and Crawford, entitled: "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 $20 per barrel 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 2006-07-25 House Journal Page 4254 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; relating to the conservation surcharge and additional conservation surcharge on oil; and providing for an effective date." was read the first time and referred to the Finance Committee.