Amid a worsening state fiscal outlook, Anchorage Democratic Sen. Bill Wielechowski has introduced legislation in the Alaska Senate that would raise more revenue from the oil and gas industry.
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.
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