HB 247 - Amends Oil and Gas Tax Credit System - Alaska Key Vote
Lynn Gattis voted Yea (Passage) on this Legislation.
Timeline
- House Conference Report Adopted
- June 6, 2016
- Senate Conference Report Adopted
- June 6, 2016
- House Concurrence Vote Failed
- May 18, 2016
- Senate Bill Passed
- May 18, 2016
- House Bill Passed
- May 13, 2016
- Introduced
- Jan. 19, 2016
Related Issues
Stage Details
Title: Amends Oil and Gas Tax Credit System
Vote Smart's Synopsis:
Vote to pass a conference report that amends the oil and gas tax credit system.
Highlights:
- Authorizes the Alaska Retirement Management Board to purchase transferable tax credits and production tax credits at 60 percent of the face value, and to sell the credits to the Department of Revenue for full face value (Sec. 1).
- Prohibits an individual from taking a tax credit for a qualified capital expenditure incurred to explore for, develop, or produce oil or gas in the Cook Inlet sedimentary basin after January 1, 2018 (Sec. 17).
- Prohibits the Department of Revenue from purchasing more than $70 million in tax credit certificates from an individual in a calendar year (Sec. 34).
- Prohibits the Department of Revenue from purchasing tax credit certificates from an applicant whose average daily production of taxable oil and gas is more than 15,000 British thermal unit (BTU) equivalent barrels during a calendar year (Sec. 34).
Title: Amends Oil and Gas Tax Credit System
Vote Smart's Synopsis:
Vote to pass a conference report that amends the oil and gas tax credit system.
Highlights:
- Authorizes the Alaska Retirement Management Board to purchase transferable tax credits and production tax credits at 60 percent of the face value, and to sell the credits to the Department of Revenue for full face value (Sec. 1).
- Prohibits an individual from taking a tax credit for a qualified capital expenditure incurred to explore for, develop, or produce oil or gas in the Cook Inlet sedimentary basin after January 1, 2018 (Sec. 17).
- Prohibits the Department of Revenue from purchasing more than $70 million in tax credit certificates from an individual in a calendar year (Sec. 34).
- Prohibits the Department of Revenue from purchasing tax credit certificates from an applicant whose average daily production of taxable oil and gas is more than 15,000 British thermal unit (BTU) equivalent barrels during a calendar year (Sec. 34).
Title: Amends Oil and Gas Tax Credit System
Vote Smart's Synopsis:
Vote to pass a bill that amends the oil and gas tax credit system.
Highlights:
- Authorizes the Alaska Retirement Management Board to purchase transferable tax credits and production tax credits at 60 percent of the face value, and to sell the credits to the Department of Revenue for full face value (Sec. 1).
- Prohibits an individual from taking a tax credit for a qualified capital expenditure incurred to explore for, develop, or produce oil or gas in the Cook Inlet sedimentary basin after July 1, 2016 (Sec. 22).
- Establishes a legislative working group to analyze the Cook Inlet fiscal regime for oil and gas, review the state’s tax structure and rates, and recommend changes to the legislature (Sec. 60).
- Prohibits the Department of Revenue from purchasing more than $70 million in tax credit certificates from an individual in a calendar year (Sec. 34).
- Prohibits the Department of Revenue from purchasing tax credit certificates from an applicant whose average daily production of taxable oil and gas is more than 15,000 British thermal unit (BTU) equivalent barrels during a calendar year (Sec. 34).
Title: Amends Oil and Gas Tax Credit System
Committee Sponsors
- Rules Committee (Sponsor)