Legislature(2015 - 2016)BILL RAY CENTER 230

05/14/2016 01:30 PM FINANCE

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02:05:24 PM Start
02:06:50 PM HB247
03:26:25 PM Adjourn
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
Heard & Held
Department of Revenue
Legislative Finance Division
+ Bills Previously Heard/Scheduled TELECONFERENCED
2d CS FOR HOUSE BILL NO. 247(RLS) am                                                                                          
     "An Act  amending the powers  of the board  of trustees                                                                    
     of the Alaska Retirement  Management Board to authorize                                                                    
     purchase   and   sale   of  transferable   tax   credit                                                                    
     certificates issued in  conjunction with the production                                                                    
     tax on oil and gas;  relating to interest applicable to                                                                    
     delinquent tax; relating to the  oil and gas production                                                                    
     tax,   tax   payments,   and   credits;   relating   to                                                                    
     exploration incentive credits;  relating to refunds for                                                                    
     the  gas storage  facility  tax  credit, the  liquefied                                                                    
     natural  gas  storage  facility  tax  credit,  and  the                                                                    
     qualified   in-state    oil   refinery   infrastructure                                                                    
     expenditures tax  credit; relating to  the confidential                                                                    
     information   status  and   public  record   status  of                                                                    
     information  in the  possession  of  the Department  of                                                                    
     Revenue;  relating to  oil and  gas lease  expenditures                                                                    
     and  production  tax  credits for  municipal  entities;                                                                    
     requiring  a  bond  or cash  deposit  with  a  business                                                                    
     license  application  for  an   oil  or  gas  business;                                                                    
     establishing a  legislative working group to  study the                                                                    
     fiscal regime and  tax structure and rates  for oil and                                                                    
     gas produced  south of 68  degrees North  latitude; and                                                                    
     providing for an effective date."                                                                                          
2:06:50 PM                                                                                                                    
RANDALL  HOFFBECK,  COMMISSIONER,   DEPARTMENT  OF  REVENUE,                                                                    
remarked that he had briefed  the governor on the components                                                                    
of the  current version of  the legislation. He  stated that                                                                    
the governor supported the bill.                                                                                                
2:07:28 PM                                                                                                                    
KEN ALPER,  DIRECTOR, TAX  DIVISION, DEPARTMENT  OF REVENUE,                                                                    
introduced himself.  He stated that the  current version was                                                                    
C.A.  He   shared  that  his  format   addressed  the  basic                                                                    
provisions  of the  bill, but  the bill  was different  than                                                                    
they day  before. He  stated that the  version was  based on                                                                    
what came out of the House Finance Committee substitute.                                                                        
Mr.  Alper  discussed the  presentation,  "Oil  and Gas  Tax                                                                    
Credit  Reform  CS  HB247(RLS)\C amended  H;  Department  of                                                                    
Revenue;  Overview of  House-passed CS  for Senate  Finance;                                                                    
May 14, 2016" (copy on file).                                                                                                   
Mr. Alper looked at slide 2, "Introduction":                                                                                    
     Thank you for welcoming us back                                                                                            
     •  This  bill is  substantially  changed  from what  we                                                                    
     presented yesterday                                                                                                        
     • The major amendment which rewrote much of the bill,                                                                      
     from Reps. Seaton and Wilson, was largely based on the                                                                     
     House Finance CS                                                                                                           
     •  We're using  the same  format as  yesterday. Changes                                                                    
     from the  House Rules  version, as  we described  it in                                                                    
     our  prior  presentation,  are  indicated  with  purple                                                                    
     Major new items are also indicated with a different                                                                        
     form of bullet                                                                                                             
Mr. Alper highlighted slide 3, "Major Provisions in House-                                                                      
Passed Bill":                                                                                                                   
     1. Exploration Credits                                                                                                     
     • Governor's bill                                                                                                          
          • Allows existing credits to sunset on 7/1/16                                                                         
          • Keeps "middle earth" extension to 1/1/22                                                                            
          • Repeals older dormant DNR exploration credits                                                                       
     • House bill                                                                                                               
          • Also keeps the change made in several earlier                                                                       
          versions to extend the "Frontier Basin" credit to                                                                     
          protect ongoing AHTNA investment                                                                                      
          • Extends this language one year due to                                                                               
          additional delay in acquiring a rig                                                                                   
Mr. Alper addressed slide 4, "Major Provisions in House-                                                                        
Passed Bill":                                                                                                                   
     2. Cook Inlet (and Middle Earth) Credits                                                                                   
          • Governor's bill                                                                                                     
               • Eliminated 20 percent QCE and 40 percent                                                                       
               WLE, kept 25 percent NOL                                                                                         
               • Kept 2022 "tax cap" sunset                                                                                     
          • House bill                                                                                                          
               • NOL kept at 25  percent in 2017 but only if                                                                    
               producing  by end  of 2016.  To 0  percent in                                                                    
               • QCE repealed 1/1/17                                                                                            
               •  WLE reduced  to  20 percent  for 2017  and                                                                    
               repealed in 2018                                                                                                 
                    Moves up  2022 tax  cap sunset  to 2019.                                                                    
                    This imposes the  high underlying tax in                                                                    
                    2019 with  expectation of new  system as                                                                    
                    proposed by "working group"                                                                                 
               • Maintains  Middle Earth  25 percent  NOL if                                                                    
               under a  plan of  development, along  with 10                                                                    
               percent QCE                                                                                                      
2:12:03 PM                                                                                                                    
Mr. Alper looked at slide 5, "Major Provisions in House-                                                                        
Passed Bill":                                                                                                                   
     3. North Slope Credits, Limits, Carry-Forwards                                                                             
          • Governor's bill                                                                                                     
               •  Kept  35  percent NOL  rate  (not  current                                                                    
               administration policy)                                                                                           
               • Capped repurchase at  $25 million / company                                                                    
               /  year,  large  company exclusion,  10  year                                                                    
     • House bill                                                                                                               
          No NOL credit or carry-forwards after 2016 for                                                                        
          companies producing over 15,000 barrels / day                                                                         
          • Smaller producers still eligible for refunded                                                                       
          NOLs with cap of $70 million / company / year.                                                                        
          Must be from a lease from which the state                                                                             
          receives a royalty, under a plan of development,                                                                      
          and in which the producer has a working interest                                                                      
          NOL rate ramps down: 32 percent in 2017; 29                                                                           
          percent in 2019; 26 percent in 2021; 25 percent                                                                       
          in 2023                                                                                                               
Mr. Alper remarked that slide 5 reflected the most major                                                                        
changes to the legislation.                                                                                                     
Mr. Alper addressed slide 6, "Major Provisions in House-                                                                        
Passed Bill":                                                                                                                   
     4. Minimum Tax Changes                                                                                                     
          • Governor's bill                                                                                                     
               • Increased "floor" to 5 percent                                                                                 
               •  "Hardened" minimum  tax  against NOLs,  $5                                                                    
               per-barrel  credit for  new (GVR)  oil, small                                                                    
               producer, and exploration credits                                                                                
          • House bill                                                                                                          
               Adds a  5 percent "floor" but  only if yearly                                                                    
               price  is  over  $70 /  bbl.  Doesn't  harden                                                                    
               against additional credits                                                                                       
               • Because NOLs are  no longer carried forward                                                                    
               by   large    producers,   floor   indirectly                                                                    
               • Revenue impact delayed  to 2020 because pre                                                                    
               effective date  NOLs can still be  used to go                                                                    
               below floor                                                                                                      
Co-Chair MacKinnon queried an example of a high-low                                                                             
scenario of what "pierces" the floor. Mr. Alper agreed to                                                                       
provide that information.                                                                                                       
Co-Chair MacKinnon requested that the information be as                                                                         
clear as possible.                                                                                                              
Senator Bishop queried the number of producers below 15,000                                                                     
and the number of producers above 15,000. Mr. Alper agreed                                                                      
to provide that information.                                                                                                    
2:17:43 PM                                                                                                                    
Mr. Alper highlighted slide 7, "Major Provisions in House-                                                                      
Passed Bill":                                                                                                                   
     5. New Oil "GVR" Provisions                                                                                                
          • Governor's bill                                                                                                     
               • No changes                                                                                                     
          • House bill                                                                                                          
               • 7-year "graduation" of GVR oil to become                                                                       
               legacy oil                                                                                                       
               If the average price of oil exceeds $70 for                                                                      
               any three years, the GVR sunsets early, with                                                                     
               the production reverting to legacy oil                                                                           
Co-Chair MacKinnon requested a  scenario that outlined Point                                                                    
Thompson's  effect of  the five  dollar credit,  and how  it                                                                    
affected the floor.  Mr.  Alper replied that the five dollar                                                                    
a barrel  credit for new oil  could be used below  the floor                                                                    
to go to  zero under current law. He wondered  if she wanted                                                                    
modeling  related  to  how  the   bill  would  change  Point                                                                    
Thompson's tax treatment in the future.                                                                                         
Co-Chair MacKinnon  requested a  detail of  Point Thompson's                                                                    
tax  structure  under current  state  statute,  and how  the                                                                    
legislation would  impact Point  Thompson. Mr.  Alper agreed                                                                    
to provide that information.                                                                                                    
2:19:53 PM                                                                                                                    
Mr. Alper  looked at  slide 8,  "Major Provisions  in House-                                                                    
Passed Bill":                                                                                                                   
     6. New Provisions                                                                                                          
          "Migrating  Credits":  (Provision from  Governor's                                                                    
          original  bill.)  Prevent per-barrel  credits  not                                                                    
          usable  in one  month,  due to  minimum tax,  from                                                                    
          being applied in another month.                                                                                       
          No  impact  unless  substantial  price  volatility                                                                    
          within a year                                                                                                         
         "ARM Board Alternative Purchase Option":                                                                               
          Authorizes Alaska  Retirement Management  Board to                                                                    
          repurchase credits  at 60  percent of  face value.                                                                    
          DOR mandated  to repurchase these credits  at full                                                                    
          value,  notwithstanding  any  per-company  limits,                                                                    
          within 5 years                                                                                                        
Senator Hoffman queried the impact  of the change require in                                                                    
additional audit time. Mr. Alper  replied that the issue was                                                                    
only relevant  in a  year where there  was months  above and                                                                    
below  the minimum  tax. He  stated that  2014 was  the only                                                                    
year  when that  occurred.  He asserted  that  there may  be                                                                    
additional   scrutiny,  but   it  was   not  a   retroactive                                                                    
provision. The bill was only relevant  in a future year at a                                                                    
time of price volatility.                                                                                                       
Vice-Chair Micciche  wondered why  the presentation  did not                                                                    
include  the gross  value at  the point  of production.  Mr.                                                                    
Alper replied  that he neglected  to include that  change in                                                                    
the presentation.                                                                                                               
Mr. Alper explained that the  ARM Board Alternative had been                                                                    
empowered before Alaska's Clear and Equitable Share (ACES).                                                                     
2:26:16 PM                                                                                                                    
Co-Chair  MacKinnon stressed  that the  option may  not have                                                                    
been vetted enough.  She wondered whether the  ARM Board had                                                                    
been  consulted  about  repurchasing  credits.  Commissioner                                                                    
Hoffbeck replied that there was  no ARM Board meeting at the                                                                    
time  of bill  inception. He  shared that  he had  contacted                                                                    
Gary Vader,  and he said that  the investment was seen  as a                                                                    
viable investment by the ARM Board.                                                                                             
Co-Chair MacKinnon  wondered if  there was  a "gate"  on how                                                                    
much the  ARM Board could put  out at a 60  percent buy back                                                                    
that  required the  state to  pay 100  percent. Commissioner                                                                    
Hoffbeck replied  that it  must fall  under the  ARM Board's                                                                    
investment criteria.                                                                                                            
Co-Chair   MacKinnon   asked  whether   the   administration                                                                    
contemplated a  possible draw  from the  general fund,  if a                                                                    
large portion  of tax credits  purchased at 60  percent were                                                                    
demanded  at  one  particular  time.  Commissioner  Hoffbeck                                                                    
wondered if the reference was to the ARM Board investments.                                                                     
Co-Chair   MacKinnon   remarked   that  $770   million   was                                                                    
available, with  a limited  access of  DOR, she  queried the                                                                    
liability in  one year should  the ARM Board attempt  to ask                                                                    
the  state for  100 percent.  Commissioner Hoffbeck  replied                                                                    
that the  ARM Board  would consult with  DOR, and  DOR would                                                                    
examine the ability of the state to repay.                                                                                      
Mr. Alper furthered  that the ARM Board language  was in two                                                                    
different places in the bill.                                                                                                   
2:31:03 PM                                                                                                                    
Mr.  Alper addressed  slide 9,  "Major Provisions  in House-                                                                    
Passed Bill":                                                                                                                   
     7. Misc. and Technical Provisions                                                                                          
          a) Gov: GVR can't be  used to increase the size of                                                                    
          an NOL                                                                                                                
          House: Kept as written                                                                                                
          b) Gov:  Municipal Utility Lease  Expenditure pro-                                                                    
          House: Kept as written                                                                                                
          c)  Gov:  Transparency,   can  release  amount  of                                                                    
          credits received and the work done to earn them                                                                       
          House:  Limited to  refunded  credits, and  dollar                                                                    
          total only                                                                                                            
          d)  Gov: Interest  Rate  increase  from 3  percent                                                                    
          over  Federal Reserve,  simple to  7 percent  over                                                                    
          Fed, compounding                                                                                                      
          House:   Increase   to   5   percent   over   Fed,                                                                    
          compounding,  with  simple   interest  after  four                                                                    
Co-Chair MacKinnon queried clarity in  the bill for when the                                                                    
department would  implement the tax increases.  She wondered                                                                    
whether the  provision was  retroactive or  prospective. Mr.                                                                    
Alper  replied  that  the  interest rate  was  tied  to  the                                                                    
current time.                                                                                                                   
Co-Chair  MacKinnon surmised  that it  was retroactive.  Mr.                                                                    
Alper replied that  it was only in the time  period that the                                                                    
taxes were delinquent after January 1, 2017.                                                                                    
Co-Chair  MacKinnon wondered  if  it would  apply  to a  tax                                                                    
return  submitted   in  2012.  Mr.  Alper   replied  in  the                                                                    
affirmative.  The  2012  tax  return  would  have  different                                                                    
levels  of  interest, because  the  tax  was delinquent.  He                                                                    
stressed that  the interest  was based on  the time,  not on                                                                    
the origin of the tax return itself.                                                                                            
2:34:53 PM                                                                                                                    
Mr. Alper  looked at slide  10, "Major Provisions  in House-                                                                    
Passed Bill":                                                                                                                   
     7. Misc and Technical Provisions (con't)                                                                                   
          e) Gov: Alaska Hire tied to percentage of credit                                                                      
          that can be refunded                                                                                                  
          House: Level of Alaska Hire as prioritization for                                                                     
          repurchase   given    limited   funds,   including                                                                    
          f) Gov: Credits can be used to offset other                                                                           
          delinquent obligations to the state such as                                                                           
          House: Credits can be held back if obligation is                                                                      
         related to company's oil and gas business                                                                              
2:36:45 PM                                                                                                                    
Senator Bishop  surmised that the  Alaska Hire was  not tied                                                                    
to a  percentage. He wondered  how the credit was  paid out.                                                                    
Mr.  Alper  remarked  that  the   language  was  in  Section                                                                    
45(g)(2),  which stated  that "the  department must  grant a                                                                    
preference between two applicants  to the applicant with the                                                                    
higher percentage  of resident workers, and  the applicant's                                                                    
workforce,  including workers  employed  by the  applicant's                                                                    
direct  contractors in  the state  in the  previous calendar                                                                    
Senator Bishop  surmised that the  high percentage  could be                                                                    
51 percent. Mr. Alper replied in the affirmative.                                                                               
Co-Chair   MacKinnon   queried   the  calculation   of   the                                                                    
contractors  in higher  corporations.  She  wondered if  the                                                                    
calculation would be global.   Mr. Alper replied that it was                                                                    
calculated   based  on   work   related   to  their   Alaska                                                                    
Co-Chair MacKinnon wondered how  that calculation applied to                                                                    
fishing. Mr.  Alper stated  that he  did not  understand the                                                                    
Co-Chair  MacKinnon  wondered  how to  apply  resident  work                                                                    
status  to  fishing.  Mr.  Alper replied  that  he  did  not                                                                    
understand  the  question  enough to  provide  a  meaningful                                                                    
Co-Chair MacKinnon  remarked that  hundreds of  workers were                                                                    
brought into  work in  the fishing  industry. She  wanted to                                                                    
see how  the Department  of Labor and  Workforce Development                                                                    
(DOL) quantified  Alaska Hire for the  fishing industry. Mr.                                                                    
Alper  replied that  DOL published  an analysis  by business                                                                    
sector in the state, by industry.                                                                                               
Co-Chair  MacKinnon requested  that  DOL  present how  their                                                                    
numbers were quantified.                                                                                                        
Senator  Bishop asserted  that the  same guidelines  for the                                                                    
Permanent  Fund  Dividend  were   used  in  determining  the                                                                    
percentage of Alaska Hire. Mr. Alper agreed.                                                                                    
2:41:38 PM                                                                                                                    
Mr. Alper continued to discuss slide 10:                                                                                        
          g) Gov: No bonding or other formal means to                                                                           
          protect local vendors from bankruptcy                                                                                 
          House: $250k surety bond with local vendor                                                                            
Mr.  Alper discussed  slide 11,  "Summary of  Fiscal Impact;                                                                    
Summary  Analysis of  Bill Versions  ($millions); (based  on                                                                    
Spring  2016  Forecast)." He  stated  that  the bill  had  a                                                                    
somewhat higher dollar value that  the House Rules committee                                                                    
substitute version.                                                                                                             
Co-Chair  MacKinnon  queried  the  effects of  the  bill  on                                                                    
production. Mr.  Alper wondered if  it should be  a forecast                                                                    
in possible changes to production.                                                                                              
Co-Chair MacKinnon  wanted to know the  impact of production                                                                    
by the bill. Mr. Alper replied  that he did not believe that                                                                    
the forecast could be done by Monday.                                                                                           
Co-Chair  MacKinnon expected  that  there  would be  numbers                                                                    
specific  to  the  bill  to   provide  that  information  to                                                                    
Co-Chair  Kelly wondered  whether  there was  an ability  to                                                                    
provide an impact on production.  Mr. Alper replied that the                                                                    
production forecast was developed  from information from the                                                                    
Co-Chair Kelly asked whether  the information from producers                                                                    
could  be  obtained.  Mr.  Alper   agreed  to  provide  that                                                                    
Co-Chair MacKinnon wondered if  job loss could be quantified                                                                    
based on the current scenario.                                                                                                  
2:46:31 PM                                                                                                                    
AT EASE                                                                                                                         
2:50:11 PM                                                                                                                    
2:50:19 PM                                                                                                                    
Senator  Bishop  asked for  a  restatement  of the  question                                                                    
related to job loss.                                                                                                            
Co-Chair MacKinnon wondered if there  was a place within DOL                                                                    
that  would  quantify  any  job   loss  resulting  from  the                                                                    
legislation.  Senator  Bishop  replied that  there  was  the                                                                    
opportunity for good data on job loss in the state.                                                                             
Vice-Chair  Micciche noted  that the  industry had  recently                                                                    
made significant  reductions in price. He  stressed that the                                                                    
industry had  experienced significant reductions  in project                                                                    
work. He  felt that asking  the industry to  incorporate the                                                                    
impacts  would  take  months   to  accurately  quantify.  He                                                                    
wondered whether  the bill would  result in greater  or less                                                                    
production; whether  it would result  in additional  jobs or                                                                    
less jobs;  and what other  levers should be evaluated  as a                                                                    
state in the  general effect of the bill.  Mr. Alper replied                                                                    
that any  transfer of wealth  between the sovereign  and the                                                                    
lessee would change decision making.  He stressed that there                                                                    
was  an  examination of  whether  the  marginal benefit  was                                                                    
better than the marginal cost.                                                                                                  
Senator  Bishop   wondered  whether   it  was   positive  or                                                                    
negative.  Mr.  Alper  replied  that  less  money  and  less                                                                    
certainty would probably be negative.                                                                                           
2:54:53 PM                                                                                                                    
Vice-Chair Micciche  surmised that  there would be  some job                                                                    
loss, and  some negative  production effect. He  queried the                                                                    
philosophy of the administration  on the balance. He queried                                                                    
the larger  effect of the  bill, and  wanted to know  how to                                                                    
minimize the  effect on everyone in  the state. Commissioner                                                                    
Hoffbeck shared that all of  the actions to close the budget                                                                    
gap  would have  large impacts  to money  in the  system. He                                                                    
remarked that there would be job cuts in many industries.                                                                       
2:58:47 PM                                                                                                                    
Co-Chair  Kelly  stressed  that the  change  in  the  credit                                                                    
system  impacted the  system. He  felt that  the bill  would                                                                    
reduce  production. He  remarked that  the state  should not                                                                    
reduce  oil  production.  He   expressed  concern  that  the                                                                    
administration   would   propose  changes,   without   fully                                                                    
understand the impact on production.                                                                                            
3:03:21 PM                                                                                                                    
Senator Bishop  looked at the FY  17 NOL on the  final slide                                                                    
of  the  presentation.  He  noted   that  $200  million  was                                                                    
included from the previous year's  veto. Mr. Alper responded                                                                    
that  the carry  forward were  the companies  that were  not                                                                    
able  to receive  credit cash  because they  were the  large                                                                    
producers. The category was new in the Spring Forecast.                                                                         
Commissioner Hoffbeck  furthered that it was  in addition to                                                                    
the cash flow credits.                                                                                                          
Mr.  Alper stated  that the  forecasted price  of oil  would                                                                    
result in the majors being  in possession of $618 million in                                                                    
un-cashable NOLs.  The governor's  bill would  increase that                                                                    
number to $773 million. The  hardening of the floor required                                                                    
a  full  minimum tax  payment,  instead  of carried  forward                                                                    
Senator Bishop  remarked that the  number could  change with                                                                    
additional changes to the market. Mr. Alper agreed.                                                                             
3:06:05 PM                                                                                                                    
AT EASE                                                                                                                         
3:13:58 PM                                                                                                                    
3:14:06 PM                                                                                                                    
Co-Chair MacKinnon  shared that  the public  testimony would                                                                    
take place the following day.                                                                                                   
Vice-Chair   Micciche   remarked   that   there   had   been                                                                    
discussions related  to the  differences in  assumptions for                                                                    
earnings. He  requested that  information. Mr.  Alper shared                                                                    
that the document had been delivered.                                                                                           
3:16:03 PM                                                                                                                    
AT EASE                                                                                                                         
3:16:50 PM                                                                                                                    
3:16:58 PM                                                                                                                    
Co-Chair  MacKinnon  shared  that  the  document  was  being                                                                    
distributed to the committee.                                                                                                   
Senator Olson queried  the impact to the  fiscal gap looking                                                                    
at  the   changes  in   the  state's   financial  liability.                                                                    
Commissioner   Hoffbeck   replied   that  there   would   be                                                                    
reductions  in production  based  on $40  a  barrel oil.  He                                                                    
remarked that there  needed to a balance  of the incremental                                                                    
productions and the needs of Alaska.                                                                                            
Senator  Olson  surmised that  the  bill  was attempting  to                                                                    
address the  fiscal situation, which  had more  gravity than                                                                    
the  loss of  production. Commissioner  Hoffbeck replied  in                                                                    
the affirmative.                                                                                                                
Co-Chair MacKinnon  shared that the governor  had provided a                                                                    
suite of options to address  the budget shortfall, including                                                                    
an  income  tax. She  wanted  to  understand the  impact  of                                                                    
affecting production.                                                                                                           
3:24:03 PM                                                                                                                    
ALEXEI  PAINTER,  ANALYST,   LEGISLATIVE  FINANCE  DIVISION,                                                                    
commented  that in  the three  committees there  was a  fund                                                                    
capitalization fiscal  note that had been  prepared, but not                                                                    
adopted. He remarked that the  bill did not address with how                                                                    
to  pay  the  credit.  He  stated  that,  currently  in  the                                                                    
operating budget,  there was a statutory  calculation of the                                                                    
payment.  The language  indicated was  $73.4 million,  which                                                                    
was the  estimate under  the Fall  Forecast. He  stated that                                                                    
the  Spring Forecast  showed it  closer to  $30 million.  He                                                                    
asserted that, without additional  capitalization of the oil                                                                    
and  gas  tax  credit  fund,   only  $30  million  would  be                                                                    
available in FY 17 to pay those credits.                                                                                        
Co-Chair MacKinnon  wondered if there  had been a  review of                                                                    
the  interest rate  percentage,  and  any related  financial                                                                    
tabulations. Mr.  Painter responded that he  had not studied                                                                    
it in depth.                                                                                                                    
Co-Chair MacKinnon queried comment on the NOLs as amended.                                                                      
Mr. Painter replied that he did not have any comment on the                                                                     
substance of the bill.                                                                                                          
2d CSHB 247(RLS)am was HEARD and HELD in committee for                                                                          
further consideration.                                                                                                          

Document Name Date/Time Subjects
HB 247 051416 Copy of HB247-SB130 side by side w House 5-14-16.pdf SFIN 5/14/2016 1:30:00 PM
HB 247
SB 130
HB 247 051416 Table 8-4_Final Spring 2016 Forecast_MGM_20160425.pdf SFIN 5/14/2016 1:30:00 PM
HB 247
HB 247 CSHB247 HRLS C and SeatonWilson am_ds_20160513.pdf SFIN 5/14/2016 1:30:00 PM
HB 247
051416 HB247 passed by House DOR Overview for SFIN 5-14-16 final.pdf SFIN 5/14/2016 1:30:00 PM
HB 247
Hb 247 Copy of 5 14 16 HB247 analysis.pdf SFIN 5/14/2016 1:30:00 PM
HB 247
HB 247 $20-$130_GFUR_spring16FC_ds20160409.pdf SFIN 5/14/2016 1:30:00 PM
HB 247