2006-05-18                     House Journal                      Page 4047
SB 305                                                                                            
The following, which engrossment was waived (page 3938), was                                        
engrossed and returned to the Senate:                                                               
                                                                                                    
            HOUSE CS FOR CS FOR SENATE BILL NO. 305(FIN) am H                                      
    "An Act repealing the oil production tax and the gas production                                 
    tax and providing for a production tax on oil and gas; relating to                              

2006-05-18                     House Journal                      Page 4048
    the calculation of the gross value at the point of production of oil                            
    and gas and to the determination of the value of oil and gas for                                
    purposes of the production tax on oil and gas; providing for tax                                
    credits against the production tax on oil and gas; relating to the                              
    relationship of the production tax on oil and gas 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 and                           
    gas under the production tax; relating to surcharges on oil; relating                           
    to statements or other information required to be filed with or                                 
    furnished to the Department of Revenue, to the penalty for failure                              
    to file certain reports for the tax, 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; amending 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, and adding further definitions;                                   
    making conforming amendments; and providing for an effective                                    
    date."