Bill to raise oil tax revenue introduced in the Alaska Senate

say it could help bridge the state’s fiscal gap by making “reasonable” changes to how taxes are levied on oil and gas producers, while concerns have been raised about its impacts to industry investment.• A reduction of oil tax credits from $8 to $5 per barrel. Under last year’s dailyof 438,000 barrels, the state could expect to collect more than $400 million.

• An adjustment to corporate income taxes paid by oil companies. Privately held companies would pay the same 9.4% income tax rate as public corporations. Hilcorp, which operates the Prudhoe Bay oil field, does not pay corporate income taxes as anThat proposed change would only apply to companies that make more than $4 million per year. The tax adjustment is estimated to raise an additional $139 million.

• Implementation of “ring fencing” on North Slope oil fields, which would limit how producers offset exploration and production expenses from their overall tax production bill. That provision would impact ConocoPhillips’and prevent the Texas-based oil giant from reducing some of its tax obligations until it started to produce oil. Tax experts said it would be difficult to estimate the precise revenue impacts of those changes.

So we can piss it away too ? And be back here in another 10 years .

Corporate oil lives off the backs of Alaska. Oil Corps like Conoco Phillips had record earnings in 2022 as did the rest of big oil. But Alaska is in the hole. We don’t need to subsidize mega profitable oil companies for them to extract here!

Ak is a welfare state. They cannot survive without government handouts. They like to think they have a robust economy but those facts do not bear out. Right now AK takes in 7.2 B in revenue but spends $15.8B. 123k of its 734k citizens are on food stamps. Debt to GDP is 16%.

when the only tool you have is a hammer

I’ll give give this to Sen Wielechowkski, what he lacks in good judgement he makes up for in relentlessness.

AKA the PFD….we knew this was coming. But that 63% pay raise for lawmakers ain’t in jeopardy I bet.

good idea

He's got some spine.

Tax and spend, always the answer.

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