NEWS: Compromise Achieved to Reform Alaska’s Unsustainable Oil Tax Credit System

Juneau – Tonight, the Alaska Legislature passed a compromise version of legislation to reform Alaska’s system of subsidizing the oil industry on the North Slope with tax credits. House Bill 111 ends Alaska’s unique cash for tax credits system and strengthens the four percent minimum tax to ensure Alaska receives some production tax revenue in times of low oil prices. Tonight’s compromise was brokered by House Resources Committee Co-chair Representative Geran Tarr (D-Anchorage), who served as the Chair of the HB 111 Conference Committee.

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NEWS: HB 111 Conference Committee Meeting Scheduled for Wednesday Afternoon in Anchorage

Anchorage – Representative Geran Tarr (D-Anchorage), Chair of the House Bill 111 Conference Committee, is calling the committee together for a meeting in Anchorage Wednesday at 3:00 p.m. to discuss a proposed compromise to end the unaffordable practice of paying oil companies on the North Slope cash for tax credits. The HB 111 Conference Committee is tasked with working out the differences between the competing versions of the bill passed by the Alaska House of Representatives and the Alaska State Senate.

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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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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: Lawmakers Must Use the First Special Session to Focus on Alaska’s Fiscal Future

Juneau – The First Regular Session of the 30th Alaska State Legislature ended tonight with clear differences between the Alaska House Majority Coalition and the Alaska Senate Majority on the need for a comprehensive fiscal plan to address the ongoing recession and the $2.7 billion budget gap. Both majority organizations wanted the ten-day extension allowed for in the Alaska Constitution, but the House Republican Caucus refused to provide enough votes in favor. In response, Governor Bill Walker is calling the Alaska Legislature into a Special Session to start on Thursday. 

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NEWS: Broad-Based Revenue Proposal Receives Public Support

Juneau – Last night over 100 Alaskans provided public testimony to the Senate Labor and Commerce Committee on the proposed Education Funding Act, one of the four pillars of the comprehensive fiscal plan put forward by the Alaska House Majority Coalition. A significant majority of those who testified spoke in favor of House Bill 115 and maintaining Alaska’s commitment to public education and the University of Alaska. HB 115 passed the Alaska House of Representatives earlier this month and is under consideration in the Alaska State Senate.

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EVENT: Alaska House Majority Coalition Press Availability Scheduled for Tuesday

Juneau – The Alaska House Majority Coalition will hold a press availability Tuesday morning that will include House Majority Leader Rep. Chris Tuck (D-Anchorage), House Resources Committee Co-chair Rep. Andy Josephson (D-Anchorage), House Energy Committee Chair Rep. Adam Wool (D-Fairbanks), and House Health and Social Services Committee Chair Rep. Ivy Spohnholz (D-Anchorage)

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