Rep. Tarr’s July 20th Newsletter: Negotiating a Compromise to End Cash Payments to Oil Companies & Russian Jack Picnic

I’m pleased to write this after having worked hard to negotiate a compromise bill to end oil and gas cash subsidy payments. When asked about these subsidies in a recent budget survey, 93% of respondents in our area said they needed to end. I listened and worked with my colleagues, and as the Chair of the Conference Committee on HB 111, to make that a reality.

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Rep. Tuck’s July 20th Newsletter: Agreement Reached to End Cash Subsidies to Oil Companies

This past weekend the House and Senate formed a compromise on HB 111 to eliminate cash credits to oil companies. The House passed the bill by a vote of 33-6 and Senate passed it 18-0. After weeks of negotiating, the bill is estimated to save the state about $200 million per year over the next 10 years. With some limitations, companies can instead claim tax deductions after they start producing oil, which makes a lot more sense than handing money over with no way to tell if it is resulting in increased production.

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Rep. Kawasaki’s July 18th Newsletter: Oil Taxes, Capital Budget and Great Fairbanks Events

Late last Saturday night, the House and Senate formed a compromise on HB 111 to eliminate cash credits to oil companies. The House passed the bill by a vote of 33-6 and Senate passed it 18-0. After weeks of negotiating, the bill is estimated to save the state about $200 million per year by ending the cash subsidies retroactively to July 1, 2017 over 10 years. With some limitations, companies can instead claim tax deductions when they start producing oil.

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Rep. Seaton’s July 17th Newsletter

On Saturday the House and Senate reached a compromise and passed HB 111, the oil and gas tax credit bill, and ended the second special session of the 30th legislature. The compromise takes the immediate step of ending cash credits statewide and includes some sideboards to protect the state from an unaffordable high future liability. Hopefully the public commitment that both bodies made to a working group will ensure that further oil and gas reforms will be addressed. A stable oil and gas tax system that the state can afford is key to a complete fiscal plan and this is a step in the right direction.

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NEWS: Special Session Compromise; End Cash Credits Now

Anchorage – The Alaska House Majority Coalition has communicated a proposed compromise to the Alaska Senate Majority to address oil tax credit reform, which is the subject of the ongoing Second Special Session of the 30th Alaska State Legislature. Coalition members support changes to House Bill 111 to end the practice of paying oil companies cash subsidies for certain tax credits. This is expected to save the State of Alaska an estimated $1.5 billion over the next ten years.

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Rep. Claman’s June 26th Newsletter: Legislature Approves Operating Budget

On Thursday evening, the legislature passed House Bill 57, the FY18 operating budget. Passing this budget compromise means the state will continue to provide government services when the state’s fiscal year begins on July 1. Although passing the operating budget is a step in the right direction, the legislature has not adopted a responsible action plan to address Alaska’s financial challenges. There is more work to be done for a long-term solution.

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Rep. Fansler’s June 23rd Newsletter: Legislature Agrees to Operating Budget!

Last night the Alaska State Legislature passed an operating budget, HB 57, which successfully averts the State Government from entering a shutdown at the end of the month. Although a compromise, the House Majority held strong and continued to protect the services most important for Alaskans, especially those in rural areas. A few highlights:

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