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 Oil Tax Hike: A New Revenue Stream Amidst Budget Gaps
The Alaska Senate has approved an amendment to increase taxes on oil and gas companies, closing a corporate income tax loophole. Sponsored by Senator Forrest Dunbar, the change could generate over $100 million annually. Despite high oil prices due to the Iran War, lawmakers anticipate significant budget gaps for schools, roads, and public safety. Supporters argue its time for big oil to pay their fair share, while critics worry about potential industry harm without proper planning. The amendment passed eleven to eight, and the full bill twelve to seven, now heading back to the House for approval.
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