NEWS: House Moves to Prevent Government Shutdown with Passage of Combined Operating and Capital Budgets

Juneau – Tonight, to avoid a government shutdown at the beginning of the month, the Alaska House of Representatives passed a combined Capital and Operating Budget for Fiscal Year 2018. The House budgets reverse the Senate’s $69 million cut to K-12 education and most of the cut to the University of Alaska. Additionally, the Capital Budget restored the full amount of expected Permanent Fund Dividends, which will be paid in the fall to eligible Alaskans.

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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. Seaton’s June 12th Newsletter

Greetings from Juneau on this 26th day of the first special session of the 30th Legislature. I continue to work for a sustainable fiscal solution to our state’s declining revenue, but have had little success dealing with the Senate. We are quickly approaching the end of the first special session and if we have not passed a budget within the allowable time, the Governor may call us back into a second special session.

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