The Coalition working for you

Rep. Guttenberg's Legislative Report

Rep. Guttenberg’s Newsletter: Public Testimony TODAY on Oil and Gas Tax Credits

Today is your opportunity to offer public testimony on the oil and gas tax credit reforms proposed by Governor Walker in House Bill 247. There are a lot of issues with the current tax credits we pay to the oil and gas industry, many of which I touched on in a commentary that Rep. Les Gara and I published in Alaska Dispatch this week: Alaska can’t afford the oil industry’s sweetheart deal.

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Rep. Les Gara

NEWS: Fiscal Crisis Prompts Common Sense Solution

JUNEAU— In the next fiscal year, the State of Alaska will be required to pay out $700 million in oil company tax credits while the state is projected to only take in $300 million in production taxes. That will result in a net loss of $400 million to the public. Senator Bill Wielechowski (D-Anchorage) and Representative Les Gara (D-Anchorage) have sponsored legislation to protect Alaska in times of depressed oil prices by adjusting the current production tax floor from 4% to 12.5%.

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