Alaska Senate Passes Oil Tax Hike
Anchorage News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Alaska Senate Passes Tax Hike on Oil and Gas Production: A Potential Revenue Boost for the State
The Alaska Senate has approved a measure to raise taxes on oil and gas production by closing a corporate income tax loophole. This change, added to a routine oil royalty deal renewal with Marathon Petroleum, could generate over $100 million annually in new revenue for the state. The tax, applying the states corporate rate of up to 9.4% on companies with net profits over $5 million, is expected to bring in significant revenue as oil prices surge due to the Iran War. Supporters, like Senator Forrest Dunbar, argue that the state cant afford to keep the loophole open amid school closures and service cuts. Critics, such as Senator Jesse Bjorkman, express concerns about rushing without studying the industrys impacts. The move aims to keep more money in Alaska for schools, roads, and dividends, with the amended bill now heading to the House for approval.
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