A legislative committee unveiled a draft oil and gas tax credit bill this week which aims to find an agreement with lawmakers as they work through an extended session.
The proposal would phase out most existing credits to oil and gas companies and calls for a new tax structure for the Cook Inlet by 2019.
Committee Chair Representative Craig Johnson released the draft, calling it a starting point for a reasonable path forward. He says the committee will likely consider amendments on Wednesday.
House Minority Leader Chris Tuck says the draft does not make enough changes to a program that has become a large cost to the state.
Legislative leaders have targeted an agreement on tax credits as an essential step as they continue to work on budget and revenue bills.
The constitutional 120-day extended legislative session deadline is May 19th. Governor Bill Walker has said if a sustainable fiscal plan is not in place by the time they gavel out, he will call a special session.
House Bill 247, the original bill dealing with oil and gas tax credits, will be heard and up for public testimony on Wednesday, May 11. Testimony from administration and the industry will begin at 9:00 am and public testimony is scheduled to begin at 4:00 pm tomorrow.
