Bill to raise oil tax revenue introduced in Senate

Sean Maguire

LEGISLATURE

Anchorage Daily News

JUNEAU — Amid a worsening state fiscal outlook, legislation that would raise more revenue from the oil and gas industry was introduced Friday in the Alaska Senate.

The state Department of Revenue projected earlier this week that the state budget would take a $925 million hit from falling oil prices over the current fiscal year, and the new fiscal year that starts July 1 — compared to projections made in December. Supporters of Senate Bill 114 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.

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