2012-03-05                     Senate Journal                      Page 1730
SB 192                                                                                                                        
The Resources Committee considered SENATE BILL NO. 192 "An                                                                      
Act relating to the oil and gas production tax; and providing for an                                                            
effective date" and recommended it be replaced with                                                                             
                                                                                                                                
          CS FOR SENATE BILL NO. 192(RES) "An Act                                                                               
          relating to the oil and gas production tax; relating to                                                               
          the minimum tax on oil and gas production;                                                                            
          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 0.35 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 $101.43, except that the total rate                                                                     
          determined in the calculation may not exceed 35                                                                       
          percent; providing for an increase in the rate of tax on                                                              

2012-03-05                     Senate Journal                      Page 1731
          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; 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 the allocation of lease expenditures and                                                                  
          adjustments to lease expenditures; relating to the                                                                    
          availability of funds from the oil and gas production                                                                 
          tax for appropriation to the community revenue                                                                        
          sharing fund; providing for a reduction in production                                                                 
          tax value for certain oil; relating to the duties of the                                                              
          Alaska Oil and Gas Conservation Commission;                                                                           
          relating to a petroleum information management                                                                        
          system; relating to the duties of the Department of                                                                   
          Natural Resources, the Department of Revenue, and                                                                     
          the Department of Labor and Workforce                                                                                 
          Development that relate to providing the Alaska Oil                                                                   
          and Gas Conservation Commission with certain                                                                          
          information relating to oil and gas; and providing for                                                                
          an effective date."                                                                                                   
                                                                                                                                
Signing amend: Senators Wagoner, Paskvan, Cochairs; Senators                                                                    
McGuire, Wielechowski, Stedman, Stevens. Signing no                                                                             
recommendation: Senator French.                                                                                                 
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 1, indeterminate, Department of Natural                                                                        
      Resources                                                                                                                 
 Fiscal Note No. 2, indeterminate, Department of Revenue                                                                        
                                                                                                                                
The bill was referred to the Finance Committee.