2006-05-09                     Senate Journal                      Page 3349
SB 305                                                                                            
Message dated May 8 was read, stating the House passed and returned                                 
for consideration 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                            

2006-05-09                     Senate Journal                      Page 3350
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"                                  
with the following amendments:                                                                      
                                                                                                    
                    HOUSE CS FOR CS FOR SENATE BILL NO.                                            
         305(FIN) am H                                                                              
                                                                                                    
President Stevens stated the message will be held on the Secretary's                                
desk.