2006-05-06                     House Journal                      Page 3721
SB 305                                                                                            
The Finance Committee has considered:                                                               
                                                                                                    
     CS FOR SENATE BILL NO. 305(FIN) am                                                             
     "An Act repealing the oil production tax and the gas production                                
     tax and providing for a production tax on oil and gas; relating to                             
     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                                

2006-05-06                     House Journal                      Page 3722
     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."                                                                                         
                                                                                                    
                                                                                                    
and recommends it be replaced with:                                                                 
                                                                                                    
     HOUSE CS FOR CS FOR SENATE BILL NO. 305(FIN)                                                   
     (same title)                                                                                   
                                                                                                    
                                                                                                    
The report was signed by Representatives Meyer and Chenault, Co-                                    
chairs, with the following individual recommendations:                                              
                                                                                                    
Do pass (3):  Hawker, Meyer, Chenault                                                               
                                                                                                    
Do not pass (1):  Foster                                                                            
                                                                                                    
No recommendation (3):  Weyhrauch, Joule, Moses                                                     
                                                                                                    
Amend (4):  Holm, Kelly, Kerttula, Stoltze                                                          
                                                                                                    
                                                                                                    
The following fiscal note(s) apply to HCS CSSB 305(FIN):                                            
                                                                                                    
4.  Fiscal, Dept. of Revenue                                                                        
                                                                                                    
                                                                                                    
CSSB 305(FIN) am is on today's calendar.