Juneau – Today, Alaska Governor Bill Walker signed House Bill 111 into law, ending cashable subsidies on the North Slope, and making modest adjustments to Alaska’s oil and gas tax code. HB 111 was sponsored by the House Resources Committee, Co-Chaired by Representative Geran Tarr (D-Anchorage) and Representative Andy Josephson (D-Anchorage).
Juneau – Earlier today, the leadership of the Alaska Senate Majority reversed course and called for action during the Second Special Session on legislation to fix Alaska’s flawed system of subsidizing the oil and gas industry on the North Slope through overly-generous tax credits. The Alaska House Majority Coalition welcomes a renewed focus on this important issue.
Juneau – Tonight, the Alaska House of Representatives rejected changes made by the State Senate to a key piece of pending legislation to reform Alaska’s flawed system of subsidizing the oil and gas industry with tax credits. The State Senate significantly weakened House Bill 111, which passed the House last month.
Juneau – The Alaska House of Representatives today passed legislation to reform Alaska’s flawed and unsustainable system of oil and gas subsidies. Without changes, the State of Alaska is projected to pay out more in oil tax credits in Fiscal Year 2018 than the state will take in from production taxes. Production tax revenue used to be Alaska’s leading source of revenue.
Greetings from Juneau this 28th day of session. On Friday the House Finance committee introduced HB 115 State Revenue Restructuring Act, which aims to fill the deficit in a way that is fair and balanced to Alaskans. This bill addresses three of the four pillars of the House Majority Coalition Plan to build a sustainable future for our state; a structured draw from the permanent fund earnings reserve, new revenue from a broad-based tax, and a sustainable dividend amount. The fourth pillar constrains state spending by making smart budget cuts and reducing the state’s oil and gas tax credit subsidies.
I hope everyone enjoyed the great sunshine this weekend! On Friday, a bipartisan group in the House passed an oil and gas tax and subsidy reform bill, House Bill 247. This legislation puts us one step closer to agreeing to a responsible action plan for Alaska.
Juneau – Today, the Alaska House of Representatives approved House Bill 247 to significantly reform Alaska’s unsustainable oil tax credit subsidy system. The members of the Alaska Independent Democratic Coalition (AIDC) cautiously supported the legislation after participating in a bipartisan effort to amend the bill to dramatically increase savings and fix flaws included in previous versions of the bill.
Nothing about my first legislative session has been “normal.” I came to Juneau to fill the seat vacated by the passing of Rep. Max Gruenberg, my first day of work was a 20 hour budget floor session, and now we are on day 116 of a 90 day session as we are working to fill in a $4B deficit. I expect that the legislature will make headlines with some historic decisions in the coming weeks, but today I want to update you on a few key issues.