House Resources advances oil tax bill

Apr 04, 2013 -- 9:50am


- JUNEAU, Alaska (AP) - The House Resources Committee has advanced a rewritten oil tax bill. It sets the base tax rate at 33 percent, lower than the level that passed the Senate. It deletes a board that would have been established to review Alaska's competitiveness. The proposal features a 33 percent base rate and a $5-per-barrel credit for oil produced. The credit would apply to what would be considered new oil and production that also would qualify for a 20 percent tax break known as a gross value reduction. An administration official has said the vast majority of Alaska's legacy fields would not qualify for the gross value reduction. Those areas would have a 33 percent base rate and a per-barrel allowance on a sliding scale, higher at lower prices, non-existent at higher prices.

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