Senators gearing up for oil tax debate

Mar 20, 2013 -- 10:10am

 

- JUNEAU, Alaska (AP) - Senators are preparing for debate on a proposed overhaul of Alaska's oil tax structure. Amendments are expected to be proposed Wednesday, including one to raise the base tax rate from the current 25 percent to 35 percent. The bill under consideration would raise the base tax rate to 35 percent through 2016 before fixing it at 33 percent. Fiscal analyses indicate that if the tax rate were raised to and kept at 35 percent that could result in the state holding onto hundreds of millions of dollars more through 2019 than if the tax rate stepped down, based on the latest revenue forecast for prices and production. Supporters say the bill will lead to more investment. Critics call it a giveaway with no assurance Alaska will see anything in return.
 

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