HB 111 has passed. Now let’s focus on refilling the pipeline
It’s Done – a compromise bill on HB 111, the Oil Tax Policy passed both the House and Senate. The final version eliminated cashable credits to oil companies, something the Legislature, the Governor and the public understand Alaska can no longer afford. It made a few other changes as well in an effort to compromise, such as limiting use of tax deductions.
Although it takes more than the fair share of revenue from the oil industry, it was time to put the compromise to rest and let the oil industry move forward with a level of certainty. Stability is the crucial element for a positive investment climate in Alaska. The passage of HB 111 marks the seventh time in the last 12 years that Alaska has increased taxes and government take on the oil industry.
Enough is enough. We must stop threatening the oil industry with further increases and unstable tax policies every Legislative session. If we don’t, we will suffer the obvious consequences: less investment, fewer jobs, less oil through the pipeline and a worsening economy.
Compromise has been reached. Now it’s time to move forward and work on ideas and opportunities to increase investment and production in Alaska’s number one resource.