Signed by Governor Sarah Palin

Vote Smart's Synopsis:

Vote to concur with a Senate committee substitute and pass a bill that provides economic incentives for the construction of a natural gas pipeline transporting gas from the North Slope and establishes some state supervision in the construction and operation of the pipeline.

Highlights:

-Offers state reimbursement for construction of a pipeline and related costs up to $500 million over the course of seven years (Sec. 1). -Requires that state reimbursement not exceed 50 percent of total qualified expenditures from the time the license is issued to the end of the first year the pipeline is in operation. Requires that state reimbursement not exceed 90 percent of qualified expenditures for each succeeding year (Sec. 1). -Requires that potential construction firms prepare a full application for the license to build the pipeline and that these applications be available to the public for at least 60 days. Does not require portions reasonably classified as 'trade secrets' to be made public (Sec. 1). -Requires the state legislature to pass a bill approving a license application within 60 days of a commissioner's presentation to the presiding officers of both houses for a license to be issued (Sec. 1). -Requires that a set of standard regulations be established to quantify the value of the gas moving through the pipeline and determine what royalties will go to the state, either as gas or as a monetary value, before the start of the first year of pipeline operation (Sec. 1). -Provides a gas production tax exemption for the first year of operation (Sec. 1).

Full Bill Text