News: Rep. Gara’s Public Comments Detail Potentially Excessive Tax Breaks for a Company Seeking “Royalty Relief”
Anchorage – On Monday, Rep. Les Gara (D-Anchorage) filed detailed public comments showing the Nuna oilfield will receive significant, and possibly excessive, tax breaks under little-known provisions in S.B. 21. The Parnell Administration, in its waning two weeks, proposed a roughly $40 million reduction in the royalties Nuna’s current owner, Caelus Energy, would owe Alaskans. The Parnell Administration proposed to change the field’s existing lease terms to include additional revenue reductions at a time Alaska is facing a $3 billion budget deficit.