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Major oil companies to testify on Alaska oil tax change

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Posted: Tuesday, March 26, 2013 4:25 pm

JUNEAU, Alaska - Representatives of the North Slope's three major players are scheduled to testify before a House committee on oil tax changes.

The House Resources Committee is working on SB21, originally proposed by the governor as a way to boost investment and production. The bill, which narrowly passed the Senate, would overhaul Alaska's oil tax structure. It would raise the base tax rate, provide a $5 credit for each taxable barrel of oil produced and provide a tax break for new oil.

It would scrap the progressive surcharge that companies say eats too deeply into their profits when prices are high. The surcharge has been credited with helping fatten state coffers in recent years.

Critics of the approach call it a giveaway. Supporters say something must be done to address declining production.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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