Alaska Legislature Adjourns After Compromise On Oil & Gas Tax
"With a vote of 33 yeas and 6 nays, conference report for House Bill 11 has been adopted."
It was after 10:00 pm Saturday when Lawmakers passed a compromise version of legislation to reform Alaska's system of subsidizing the oil industry on the North Slope with tax credits.
"Number one ends tax credits effective July 1, 2017; a goal we have worked and shared toward getting to today, so I'm very pleased that that critical piece is in the legislation and has been achieved."
Rep. Tammie Wilson of North Pole said there were still a lot of questions to be answered about the measure
"I did listen to this committee and heard no experts talk about how these numbers came up so quickly how accurate they are these are major industry, Mr. speaker, that we are deciding another change but I'm very concerned about whether we're making the right decision."
Rep. Chris Birch said it wasn't perfect, but there were good points.
"It does stop the significant outflow of cash and liability that's been vetoed."
Some believe the changes are going to cost the state more than a million dollars to implement. Wasilla Rep. David Eastman was among those.
"I'm skeptical the changes will result in the promised gains. I don't see nay guarantee of increased revenue on the part of the state."