Legislature(2009 - 2010)
2010-04-13 House Journal
Full Journal pdf2010-04-13 House Journal Page 2235 SB 305 The Resources Committee considered: CS FOR SENATE BILL NO. 305(FIN)(title am) "An Act providing that the tax rate applicable to the production of oil as the average production tax value of oil, gas produced in the Cook Inlet sedimentary basin, and gas produced outside of the Cook Inlet sedimentary basin and used in the state increases above $30 shall be 0.4 percent multiplied by the number that represents the difference between that average monthly production tax value and $30, or the sum of 25 percent and the product of 0.1 percent multiplied by the number that represents the difference between that average monthly production tax value and $92.50, except that the total rate determined in the calculation may not exceed 50 percent; providing for an increase in the rate of tax on the production of gas as the average production tax value on a BTU equivalent barrel basis of gas produced outside of the Cook Inlet 2010-04-13 House Journal Page 2236 sedimentary basin and not used in the state increases above $30; relating to payments of the oil and gas production tax; relating to availability of a portion of the money received from the tax on oil and gas production for appropriation to the community revenue sharing fund; relating to the allocation of lease expenditures and adjustments to lease expenditures; and providing for an effective date." and recommends it be replaced with: HOUSE CS FOR CS FOR SENATE BILL NO. 305(RES) "An Act relating to that part of the tax on the production of oil and gas that increases as the average production tax value of the oil and gas increases above $30; relating to payments of the oil and gas production tax; relating to availability of a portion of the money received from the tax on oil and gas production for appropriation to the community revenue sharing fund; relating to the allocation of lease expenditures and adjustments to lease expenditures; relating to the tax on the production of gas in effect at the start of the first binding open season held for the project licensed under the Alaska Gasline Inducement Act; and providing for an effective date." (HCR 29 - title change resolution) The report was signed by Representatives Johnson and Neuman, Co- chairs, with the following individual recommendations: Do pass (2): Olson, Neuman No recommendation (5): Guttenberg, Edgmon, Tuck, P. Wilson, Johnson Amend (2): Kawasaki, Seaton The following fiscal note(s) apply to HCS CSSB 305(RES): 1. Zero, Senate Finance Committee/Dept. of Revenue CSSB 305(FIN)(title am) was referred to the Finance Committee.