Day - June 14, 2017

Rep. Les Gara

NEWS: Change the Name, Pay the Same: Senate Oil Bill Replaces $1.5 Billion in Cash Credits with $1.45 Billion in Lost Revenues

Juneau – Recent analysis from the Alaska Department of Revenue shows a stark contrast between the competing versions of legislation to reform Alaska’s unsustainable system of subsidizing the oil industry on the North Slope with unaffordable tax credits. The version of House Bill 111 supported by the Alaska Senate Majority follows the lead of the Alaska House Majority Coalition in ending the practice of paying oil companies cash for tax credits, but on paper only. This is expected to save the State of Alaska an estimated $1.5 billion over the next ten years. However, the Senate version of the bill would result in the loss of $1.45 billion in revenue over that same timeframe by replacing the cash for credit system with a higher percentage of “carry forward” deductions that oil companies could subtract from production and other taxes they pay to the State of Alaska.

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Rep. ANDY JOSEPHSON

Toll-Free +1 800 465-4939
STAFF:
Tom Atkinson
Legislative Aide
+1 (907) 465-6873
Tom.Atkinson@akleg.gov
Lisa Delaney
Legislative Aide
+1 (907) 269-0272
Lisa.Delaney@akleg.gov
Capitol: January-April

Address: Room 102 Capitol Bldg.
                 Juneau, AK, 99801
Phone: +1 907 465-4939
FAX: +1 907 465-2418
Email: rep.andy.josephson@akleg.gov

Anchorage: May-December

Address: 1500 W Benson Blvd, Rm 215
                 Anchorage, AK 99503
Phone: +1 907 269-0265
FAX: +1 907 269-0264
Email: rep.andy.josephson@akleg.gov