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

Rep. Kawasaki's Juneau Note

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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