Legislature(2003 - 2004)
05/15/2003 08:45 AM Senate FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
SENATE CS FOR CS FOR HOUSE BILL NO. 61(RES) "An Act establishing an exploration and development incentive tax credit for operators and working interest owners directly engaged in the exploration for and development of gas for sale and delivery without reference to volume from a lease or property in the state; and providing for an effective date." This was the second hearing for this bill in the Senate Finance Committee. At adjournment of the previous hearing a motion to adopt Amendment #1 was on the table. Co-Chair Wilken reminded that this bill "allows a tax credit equal to ten-percent of qualified capital investment as well as labor, seismic and associated costs related to gas exploration and development." Amendment #1: This amendment inserts, "east of meridian 156 degrees" into Section 1, Sec. 43.20.043. Gas exploration and development tax credit. The amended language on page 3, lines 10 through 14 reads as follows. (f) A taxpayer is not entitled to a credit under this section for expenditures that are made or incurred for the qualified capital investment or for qualified services made for exploration and development of gas that occur in the area of Alaska lying north of 68 degrees North latitude and east of meridian 156 degrees or that are made or incurred to transport gas from reserves located in the area of Alaska lying north of 68 degrees North latitude and east of meridian 156 degrees. Senator Olson WITHDREW his motion to adopt the amendment without objection. REPRESENTATIVE MIKE CHENAULT, sponsor of the bill, clarified for Senator Taylor's benefit that the Senate Resources committee substitute is the preferred version. Senator Olson commented that he withdrew his motion to adopt Amendment #1 because the portion of his district that was excluded in this legislation was addressed in SB 185. He requested the Committee extend consideration to Western Alaska when debating future similar legislation. Senator Taylor offered a motion to report the bill from Committee with individual recommendations and accompanying fiscal notes. Without objection SCS CS HB 61 (RES) MOVED from Committee with accompanying zero fiscal notes: #1 from the Department of Natural Resources and #2 from the Department of Revenue.
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