The Alaska House has narrowly passed an overhaul of Alaska’s oil tax and credit system.
A Department of Revenue analysis shows the bill would eliminate cashable tax credits for the North Slope and result in a tax increase at oil prices between about $50 and $100 per barrel, among other things.
Oil has been around $50-55 a barrel for months.
The bill passed 21-19. Independent Rep. Jason Grenn joined minority House Republicans in voting against it.
Supporters of the bill say tax credits have become unaffordable. They say the bill addresses that and problems within the tax system.
Critics say the bill is too expansive and fear it will hurt the oil industry.
Reconsideration was given, meaning the measure could be voted on again before heading to the Senate.
