Senate members voted in support of legislation today that aims to phase out oil and gas tax credits and impose a tax on Cook Inlet oil production, but does not go as far as the House’s version to address North Slope credits.
Senate members debated for hours before voting 14-6 in support of the bill. The House will now review the Senate’s version.
Senate President Kevin Meyer says he would like to finish the state’s operating and capital budgets, as well as the credits bill today in order to avoid a special session.
But lawmakers have the option to extend the session another 10-days with a two-thirds vote of support from both the House and Senate.
Governor Bill Walker has promised to call legislators into a special session if they do not complete a fiscally responsible plan in order to sustain Alaska’s future.