Alaska's fiscal puzzle

Alaska Senate Protects Alaska’s Economy

Yesterday the state Senate passed House Bill 111, the oil tax bill. It is not an overstatement when we say Alaska’s economic destiny is on the line with this legislation.

We want to thank all senators who voted for the bill, and we applaud the members of the Senate Resources and Finance Committees for making consequential, meaningful improvements to the bill that protect the state budget, encourage aggressive development of new discoveries and bolster confidence in the oil industry and the thousands of Alaskan families it supports. They deserve our appreciation for all their hard work.

So, what’s next? We expect the bill will go to a conference committee that will try to iron out differences between the House and Senate versions of HB 111.

KEEP members must remain vigilant! Our work is not done yet. Please ask your representative and senator to support a version of the bill that avoids raising taxes on the oil industry, harming future development and triggering another round of layoffs in the oil patch.

If you are not sure who represents you, go to the legislature’s main webpage at http://w3.akleg.gov/index.php and look for the box in the bottom right hand corner titled “Who Represents Me? And enter your home address.

Here are some ideas for you to consider:

  • The senate version of HB 111 is less harmful to future investment than the bill passed by the House which would have put jobs and new oil production at risk.
  • The Senate version of HB 111, through modification of the oil tax credits program, limits future financial exposure for the State while at the same time leaves the voter-approved oil tax structure in place which encourages production and jobs.
  • The Senate did good work in eliminating the provisions of the bill that would have significantly raised oil taxes at prices below $100.
  • Our current, voter-approved tax policy is working. Oil companies have responded with over $5 billion in new projects. We are on track to mark the second consecutive year of increased production on the North Slope. More oil is the answer!

Promising new discoveries on the North Slope are in jeopardy if we do not act NOW to stop higher oil taxes. So please, make that call or send an email as soon as possible.  Thank you for your continued commitment to the future of Alaska’s oil and gas industry.

KEEP
 

P.O. Box 220884, Anchorage, AK 99522 | 907.569.7070 | keepalaskacompetitive.com
View web version | Unsubscribe