NEWS: Fiscal Crisis Prompts Common Sense Solution

Rep. Les Gara JUNEAU— In the next fiscal year, the State of Alaska will be required to pay out $700 million in oil company tax credits while the state is projected to only take in $300 million in production taxes. That will result in a net loss of $400 million to the public. Senator Bill Wielechowski (D-Anchorage) and Representative Les Gara (D-Anchorage) have sponsored legislation to protect Alaska in times of depressed oil prices by adjusting the current production tax floor from 4% to 12.5%.
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