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Senate finance committee adopts substitute for SB 92 on tax treatment of oil and gas entities
Summary
The Alaska Senate Finance Committee on May 1 adopted a committee substitute for Senate Bill 92, which changes how certain oil and gas entities are taxed; the bill was set aside for subcommittee consideration Tuesday after staff said the substitute incorporates two technical amendments.
The Alaska State Senate Finance Committee on May 1 adopted the committee substitute for Senate Bill 92, the bill that addresses corporate income-tax treatment for oil and gas entities, and set the measure aside for subcommittee consideration Tuesday.
The committee substitute (Version Q) incorporates two technical amendments, committee staff said, including a change to treat certain S corporations like C corporations for state tax purposes and language intended to "foreclose the argument" that an exemption does not cover an entity solely because it did not pay taxes under AS 43.20.011.
Senator Stedman moved adoption of the committee substitute and the chair removed an objection after staff explanation. "I move that the finance committee adopt the committee substitute for senate bill 92 finance version q before the committee as our working document," Stedman said. Liz Hartpold, staff to Senator Olson and the Senate Finance Committee, told members the two amendments were technical fixes and summarized their intent: "This CS, Version Q, incorporates the 2 amendments that were received and distributed to committee members earlier this week. They are technical fixes to the bill. . . . [One amendment] will foreclose the argument that the exemption in this section does not cover an entity that is subject to tax under AS 43.20.011 because it did not pay taxes for whatever reason."
Committee members had previously taken public testimony on SB 92 on April 9 and April 15; amendments were due April 25, Hartpold said. The committee noted that Hillcorp, which the committee had scheduled to appear, will instead be available on Tuesday, when a subcommittee will take the bill up for further consideration.
No roll-call vote was recorded in the transcript; committee members adopted the substitute without further objection and the bill was placed on the committee's Tuesday subcommittee agenda for additional consideration.
