Conference Committee Will Work to Resolve Differences in Oil Tax Credit Reform Legislation
FOR IMMEDIATE RELEASE
July 11, 2017
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.
“We are working daily to find compromise with our colleagues in the Senate on this important piece of legislation that is a key component to any successful fiscal plan,” said Rep. Tarr. “We offered up a workable compromise to end the cashable tax credits with the stipulation that lawmakers work over the interim to fix the other flaws in our oil tax system. I remain hopeful our compromise will be accepted. We will see where everyone stands during tomorrow’s meeting.”
The HB 111 Conference Committee will meet Wednesday at 3:00 p.m. in the large conference room of the Anchorage Legislative Information Office. If an acceptable compromise is reached, lawmakers could then fly to Juneau to formalize the compromise and vote on final passage.
“I don’t see any usefulness in spending state money flying every member of the Alaska House of Representatives to Juneau for several days if there is no agreement on a compromise to HB 111. By holding a Conference Committee meeting in Anchorage, we can get everyone on the record and find out if there is hope for compromise,” said Speaker of the House Rep. Bryce Edgmon (D-Dillingham).
The compromise offer from the Alaska House Majority Coalition to end the cashable oil tax credit program would necessitate work during the interim to examine an alternate incentive system that is affordable to the State of Alaska and effective for the different segments of the oil and gas industry in Alaska.
For more information, please contact Alaska House Majority Coalition Press Secretary Mike Mason at (907) 444-0889.