Oil and Gas News: House panel bill rewrite addresses oil taxes, credits

The Associated Press

 A draft rewrite of Gov. Bill Walker's oil and gas tax credit bill would phase out a tax break for oil produced from newer North Slope fields and tax oil produced from Cook Inlet.

 

JUNEAU, Alaska (AP) — A draft rewrite of Gov. Bill Walker's oil and gas tax credit bill would phase out a tax break for oil produced from newer North Slope fields and tax oil produced from Cook Inlet.

The state Revenue department has said there is currently zero production tax on Cook Inlet oil.

Kara Moriarty, with the Alaska Oil and Gas Association, can see no positive elements to the House Finance Committee rewrite. She says it proposes a big shift in Cook Inlet tax policy and would negatively affect production, jobs and investment in Alaska.

Credits have become a major budget item. Lawmakers are struggling with how to balance addressing that with concerns about affecting a major industry.

Rep. Les Gara says the bill has good elements but some credits remain too generous.

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