Giessel flags concerns with House oil tax, credit bill

By Becky Bohrer, Associated Press

An Alaska senator has concerns with a House bill she says constitutes a major rewrite of the state's oil tax policy.

 

JUNEAU, Alaska (AP) — An Alaska senator has concerns with a House bill she says constitutes a major rewrite of the state's oil tax policy.

Sen. Cathy Giessel chairs the Senate Resources Committee.

She says the House bill is being pitched as an oil-tax credit adjustment but says only a part of the bill deals with credits.

Giessel says legislators have made strides in reducing credits and that now isn't the time to create more uncertainty for the oil and gas industry, noting recent job losses in that sector.

The House Resources Committee bill would, among other things, raise the minimum oil production tax and disallow use of credits to go below that minimum tax. It also would end future cash payments for the major credit remaining on the North Slope.

The House committee co-chairs have said the credit system is too generous and that they want to reduce the state's risk when oil prices are low.

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