House Votes to Put Alaskans Back to Work by Clearing Oil Tax Credit Backlog
Juneau – Today, the Alaska House of Representatives passed legislation proposed by Governor Bill Walker to issue bond debt to pay off the more than $800 million balance the state owes for oil and gas tax credits. House Bill 331 would discount the tax credit payments to more than cover the additional cost to the state of interest on the bond debt, which the state will then pay down over the next decade. In this manner, companies owed credits receive cash they can reinvest in additional development today while keeping the measure revenue neutral or revenue positive for the State of Alaska.