Senate passes overhaul of oil tax structure

Mar 21, 2013 -- 9:00am

 

- JUNEAU, Alaska (AP) - A divided Alaska Senate has passed an overhaul of Alaska's oil tax structure. Supporters say the bill will make Alaska more competitive and lead to more investment. Critics call it a giveaway with no assurances Alaska will see anything in return. Just one amendment of more than a dozen passed. It was a majority-backed proposal that would raise the base tax rate from the current 25 percent to 35 percent. The bill up for debate had proposed a 35 percent tax rate through 2016, after which it would be 33 percent. Some senators felt more comfortable with the higher rate, seeing it as competitive while reducing the overall fiscal impact of the bill. The 11-9 vote followed hours of debate. Reconsideration was served, meaning it could be voted on again.

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