2012-04-14                     Senate Journal                      Page 2263
HB 276                                                                                                                        
The Finance Committee considered CS FOR HOUSE BILL NO.                                                                          
276(FIN) "An Act providing for a credit against the oil and gas                                                                 
production tax for costs incurred for conducting seismic exploration and                                                        
drilling certain oil or natural gas exploration wells in certain basins;                                                        
relating to the determination of the production tax value of oil and gas                                                        
production; and relating to a special tax rate for new oil or gas production                                                    
south of 68 degrees North latitude" and recommended it be replaced with                                                         
                                                                                                                                
         SENATE CS FOR CS FOR HOUSE BILL NO.                                                                                    
         276(FIN) "An Act relating to the oil and gas production                                                                
         tax; providing for a reduction in the production tax                                                                   
         value in the amount of 30 percent of the gross value at                                                                
         the point of production for oil and gas produced from                                                                  
         certain leases or properties north of 68 degrees North                                                                 
         latitude that were not, as of January 1, 2008, in                                                                      
         commercial production or within a unit; providing for a                                                                
         credit against the oil and gas production tax for costs                                                                
         incurred for conducting seismic exploration and drilling                                                               
         certain oil or natural gas exploration wells in certain                                                                
         basins; relating to the determination of the production                                                                
         tax value of oil and gas production; providing that the                                                                
         tax rate for new oil or gas production south of 68                                                                     
         degrees North latitude and outside of the Cook Inlet                                                                   
         sedimentary basin may not exceed four percent of the                                                                   
         gross value at the point of production; and providing for                                                              
         an effective date."                                                                                                    
         (Title change SCR 35)                                                                                                  

2012-04-14                     Senate Journal                      Page 2264
Signing do pass: Senators Hoffman, Stedman, Cochairs; Senators                                                                  
Thomas, Egan, McGuire, Olson, Ellis.                                                                                            
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 5, indeterminate, Department of Revenue                                                                        
                                                                                                                                
The following previously published fiscal information applies:                                                                  
 Fiscal Note No. 3, indeterminate, Department of Revenue                                                                        
 Fiscal Note No. 4, Department of Natural Resources                                                                             
                                                                                                                                
The bill was referred to the Rules Committee.