2012-01-30                     House Journal                      Page 1443
HB 306                                                                                                                        
HOUSE BILL NO. 306 by Representatives Neuman and Millett,                                                                       
entitled:                                                                                                                       
                                                                                                                                
    "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                                                           
    sedimentary basin and not used in the state increases above $30;                                                            

2012-01-30                     House Journal                      Page 1444
    relating to payments of the oil and gas production tax; relating to                                                         
    the lease expenditures that may be deducted when determining                                                                
    production tax value; 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."                                                                         
                                                                                                                                
was read the first time and referred to the Resources and Finance                                                               
Committees.