A group pushing for the overhaul of Alaska’s oil and gas tax system says it has enough signatures to get the initiative on the ballot in the fall. 

Vote Yes for Alaska’s Fair Share announced the collection of more than 43,000 signatures — more than 14,000 more signatures than the required 28,501.

The group announced its plan earlier this week to turn in the signatures to election officials Friday. 

“Last summer, a bipartisan group of Alaskans came together in an effort to end the unconstitutional giveaway of Alaskans’ oil,” said Merrick Peirce, a group spokesperson from Fairbanks. “If the Fair Share Act were in place today, the state would be closer to funding our budget and paying out a full PFD without imposing new taxes on Alaskans.” 

The initiative seeks to raise the minimum tax and do away with tax credits for three of Alaska’s larger legacy oil fields: Prudhoe Bay, Alpine and Kuparak.

The group supporting the initiative estimate that the change in policy would generate an additional $1 billion a year in state revenue. 

The initiative has gotten extensive pushback from industry officials, however. Kara Moriarty, president and CEO of the Alaska Oil and Gas Association has stated previously she is concerned that an increase in taxes for the larger fields would hurt the industry and decrease interest in investing in the state. 

Contact staff writer Erin McGroarty at 459-7544. Follow her on Twitter: @FDNMpolitics.