Governor wants tax breaks for oil production

Governor Sean Parnell plans to introduce oil tax legislation this week that would provide tax breaks for production from both existing and new fields.

It's a take-off on the Senate's proposal to provide a production allowance for new-field oil.

But it will go a step further, addressing existing fields.

Parnell plans to introduce the bill Wednesday, the first day of a special session that he called Monday.

Fairbanks representative Dave Guttenberg said they need to focus on new production, not give the farm away in hopes of getting the oil industry to do something.

He says he’s not real confident lawmakers can come up with a solution in this special session.