HB 230-AIDEA BONDS FOR PROCESSING FACILITIES  3:35:12 PM CHAIR OLSON announced that the next order of business would be HOUSE BILL NO. 230, "An Act allowing the Alaska Industrial Development and Export Authority to issue bonds for an oil or gas processing facility; and creating the oil and gas infrastructure fund to finance construction or improvement of an oil or gas processing facility." CHAIR OLSON removed his objection [Version N, which was adopted on March 24, 2014, was before the committee]. 3:35:48 PM REPRESENTATIVE PAUL SEATON, Alaska State Legislature, explained the changes in the proposed committee substitute (CS) for HB 230, Version N. He stated that this version will allow the Alaska Industrial Development & Export Authority (AIDEA) to issue development bonds for oil and gas processing facilities on the North Slope in order to incentivize obtaining additional oil in the pipeline, in particular from small independent operators. In addition, on page 2, lines 21-23, at the suggestion of legal services, language was added to make it easier to qualify for tax credits. He commented that this language needs to be further addressed; hence the pending amendment. 3:36:56 PM REPRESENTATIVE JOHNSON moved to adopt Amendment 1, labeled 28- LS1053\N.1, Nauman, 3/24/14, which read: Page 1, lines 2 - 3: Delete "providing a tax credit for the  construction or improvement of an oil or gas  processing facility;" Page 2, lines 16 - 28: Delete all material. Renumber the following bill sections accordingly. CHAIR OLSON objected for the purpose of discussion. 3:37:25 PM REPRESENTATIVE SEATON explained that Amendment 1 will remove the tax credit since it would also have inadvertently affected SB 21 tax credits. There was no intention to do so, he said. CHAIR OLSON removed his objection. There being no further objection, Amendment 1 was adopted. 3:37:54 PM REPRESENTATIVE JOHNSON moved to adopt Amendment 2, labeled 28- LS0153\N.2, Nauman, 3/25/14, which read: Page 2, line 4: Delete "for allow" Insert "allow for" CHAIR OLSON objected for purpose of discussion. REPRESENTATIVE SEATON thanked Representative Saddler for pointing out the inversion of words. He characterized this as being a technical change. There being no further objection, Amendment 2 was adopted. 3:38:50 PM REPRESENTATIVE JOHNSON moved to report the proposed CS for HB 230, Version N, labeled 28-LS1053\N, Nauman, 3/17/14, as amended, out of committee with individual recommendations and the accompanying fiscal note. There being no objection, the CSHB 230(L&C) was reported from the House Labor & Commerce Standing Committee.