In the wake of extremely low oil prices (about $30 per barrel on the West Coast) and leveling off of production on the Alaska North Slope, the state has seen a sharp reduction in revenues from oil and gas combined with a drastic increase of tax credits to the industry.
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Last Friday the House passed the Operating Budget over to the Senate ending the “24 hour rule” that was put in effect by HCR23. That also means that the limitations on what bills could be heard in committee was lifted and, as a result, some of my committees heard non-revenue bills for the first time since February 8th.
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Today, starting at 1pm and continuing at 6pm, the House Resources committee will be taking public comment on Governor Walker’s Oil and Gas Tax Credit legislation (you can read about some key features of the bill here). This will be an opportunity to let the committee, and the legislature as a whole, know how you feel about the tax credit system. If you are unable to call in to comment today I will include a link for providing written comment. There will also be more public comment periods in the future as the bill moves through the process.
Read More →If you picked up a newspaper today or were browsing the web before work, I am sure you saw a story about last night’s lengthy House Floor Session, and I’m also sure there were more than a few questions. I will try to answer as many as I can in the course of this brief E-newsletter.
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We are now over halfway through the 90-day session and our focus is still on the budget. In House Resources we are still delving into HB247, the Governor’s oil & gas tax credit bill. We have been hearing from representatives of the industry about what they dislike about the bill and why they are so adamantly opposed. The committee will be taking up amendments soon and there are a few that I will be offering.
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This has been a busy week full of meetings and there is much to tell you. Before I do, I want to commend the House Resource Committee Chairs on their dedication to hearing the Governor’s oil and gas credit and mining tax bills and holding sometimes two meetings a day. These are very complex issues and each hearing I feel like we learn something new about these industries and these credits. There will be an opportunity for public comment on both bills in the near future. I will be sure to keep you all informed about when that is.
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