SB 305-SEPARATE OIL & GAS PROD. TAX/ DEDUCTIONS  4:23:20 PM CO-CHAIR JOHNSON announced that the next order of business is CS FOR SENATE BILL NO. 305(FIN)(title am), "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; relating to payments of the oil and gas production tax; 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." [Before the committee is HCS CSSB 305, Version 26-LS1577\M, Bullock, 4/10/10.] 4:23:33 PM CO-CHAIR JOHNSON moved that the committee enter into executive session under Uniform Rule 22(b)(1) and (3) for the purpose of discussing matters, the immediate knowledge of which would adversely affect the finances of the state government and may, by law, be required to be confidential. He directed Rex Shattuck, Staff to Representative Neuman, Alaska State Legislature, to remain in the executive session. It was then noted that [Attorney General Dan Sullivan, Department of Law]; Tina Kobayashi, Chief Assistant Attorney General - Statewide Section Supervisor, Oil, Gas & Mining Section, Department of Law; and Jonathan Katchen, Special Assistant Attorney, Office of the Attorney General, Department of Law, would also remain in the executive session. The committee then entered into executive session. [Due to technical difficulties no audio is available for the committee's return from executive session at 6:02 p.m. and the reconvening of the public meeting.] CO-CHAIR JOHNSON announced the next House Resources Standing Committee meeting is scheduled for 9:00 a.m. on April 13, 2010.