Today Democratic Representative Les Gara called for a hearing on his oil tax legislation. Unlike the governor’s bill which gives away revenue for nothing in return, Rep. Gara’s “Alaska Oil Production Enhancement Act” (HB 231) requires oil companies to make new investments in Alaska before receiving incentives.
“Alaska is a sovereign state. We should act like one. The Governor’s bill gives companies the option to take $1.8 billion a year outside Alaska. Our bill requires that companies invest in Alaska, on development projects, that will open new fields and heavy oil to production to qualify for the incentives we offer,” said Gara.