Oil Taxes Discussed

 

Public comment was taken on Monday by the Senate Finance committee over Senate Bill 192, the senate version of oil tax reform.
 
Close to 100 citizens testified via video teleconference from around the state.
 
The majority of those testifying did not favor SB 192 and instead asked the committee to revise the bill to better mirror House Bill 110, which was passed by the State House last year. HB110 also has the support of Governor Sean Parnell.
 
The Parnell administration claims the senate does not go far enough to allow oil producers to reinvest in Alaska.
 
Locally, only two people showed up to testify during the afternoon comment period. Both testimonies requested more be done to incentivize more production.
 
Fairbanks resident Coral Howe to the members, “I need you to stop and think about SB192 and craft it in a way so that my state grows, our oil goes somewhere.”
 
The executive director of the Greater Fairbanks Chamber of commerce was also in attendance. She said, “Without meaningful tax reform, oil production will continue to decline and investments will be made outside of Alaska that will negatively impact the business and residential communities of Alaska.”