Rep. Josephson’s September 14th Newsletter: Try, Try Again – A Fourth Special Session in the Offing

Rep. Josephson's Newsletter

Alaska’s $2.7 billion annual budget deficit will shrink if legislators raise new revenues during a special session likely to begin in Juneau next month. Governor Walker and the House Majority want to close or substantially diminish our budget gap this year, so we expect an official proclamation any day now that will call the legislature into a fourth special session beginning October 23.

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Rep. Josephson’s July 28th Newsletter: AK Capital Budget

Rep. Josephson's Newsletter

Yesterday, the Alaska Legislature passed a compromise capital budget that spends about $140M of state money to leverage about $1.2B in federal funds. The House vote was 27-13 and the Senate vote was 15-4. Although either a “yes” or “no” vote was arguably justifiable, after some deliberation, I voted to pass this budget.

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NEWS: Governor Signs Bill Ending Cashable Tax Subsidies

Rep. Andy Josephson

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).

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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: 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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