Oil companies spend big to oppose tax referendum
Major oil companies are spending heavily to retain tax cuts approved last year by the Alaska Legislature.
The Anchorage Daily News reports BP and ExxonMobil each have invested more than $1.3 million to defeat a voter referendum aimed at repealing tax cuts.
The numbers were revealed in new campaign disclosure reports filed by the “Vote No on One” campaign.
The group has raised $3.5 million as of Feb. 5.
Former state Senate President Chancy Craft favors approving Ballot Measure One. He told a reporter earlier that he expected the pro-repeal group to be outspent 10-to-1. He says it looks like it will be more like 50-to-1.
He says the amounts being spent by oil companies is peanuts compared to the tax that’s at stake.