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House Resources Committee
Rep. Ralph SamuelsRep. Jay Ramras

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Rep. Ralph Samuels
State Capitol, Room 126
Juneau, AK 99801-1182
Phone: (907) 465-2095
Fax: (907) 465-3810
      Click image for large 5'' x 7'' portrait

Rep. Jay Ramras
State Capitol, Room 104
Juneau, AK 99801-1182
Phone: (907) 465-3004
Fax: (907) 465-2070

House Natural Resources Committee Passes Committee Substitute for HB 488
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Attachments Attachments

 
Released:
March 17, 2006


"I believe our bill strikes the essential balance between encouraging new investment, and gaining revenue from resources today."
- Rep. Samuels

 

(Juneau) - The House Natural Resources Committee has passed a committee substitute for HB 488, Governor Frank Murkowski's petroleum production tax bill.

HB 488 will revise the state's severance tax structure on the oil and gas industry. The bill replaces the Economic Limit Factor (ELF) formula, with a profits-based structure. Chief among the bill's provisions is capturing the State of Alaska, a greater share of the market price when oil is above historic averages. This "progressivity" feature should realize an extra billion dollars for the state treasury, annually, at current high market prices.

"This is the beginning of a long process, but I believe we have framed the debate," said Representative Ralph Samuels (R-Anchorage), co-chair of the Resources Committee. "I believe our bill strikes the essential balance between encouraging new investment, and gaining revenue from resources today."

"We think we've drafted a piece of legislation that will fill the pipeline, helping Alaska get the last barrel of oil, in addition to our next. And it will do so by bringing our tax regime into the 21st century and away from the antiquated ELF system," said Representative Jay Ramras (R-Fairbanks), co-chair of the Resources Committee.

The House Resources version also provides the industry with credits and other incentives for renewed exploration activity statewide. HB 488 now moves to the House Finance Committee for consideration.

# # #

"We think we've drafted a piece of legislation that will fill the pipeline, helping Alaska get the last barrel of oil, in addition to our next."
- Rep. Ramras

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version [PDF - 1 page - 21 KB]
· Sponsor Statement
· Petroleum Production Tax Overview
· HB 488 Backup Material and On-Line Resources
· Hou Res work draft 24-GH2052Y [PDF - 4.99 MB]
· Amendments offered to work draft on 03-16-06 [PDF - 1.43 MB]
· Amendments offered to work draft on 03-17-06 [PDF - 909 KB]
· Complete Bill Text for HB 488


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