The State Supreme Court reaffirmed on Wednesday that the Trans-Alaska Pipeline is worth $10 billion.
Oil companies had argued that the pipeline should only be assessed at $850 million, and they based that number on the tariffs collected. At that lower value, the property taxes they pay to cities like Fairbanks and Valdez would be dramatically reduced.
The Supreme Court found that tariff income isn’t the only value derived from the pipeline. Its worth also comes from its ability to transport the billions of barrels of oil from the North Slope.
While the decision only concerns the 2006 assessment, oil companies have made similar arguments over the pipeline’s for other tax years.
- Authorities re-routed traffic on Egan drive for a half hour after a two-vehicle collision Saturday.
- A French ship docked in Unalaska is bound for Nome, where the crew will lay fiber optic cable.
- Columbia Ferry breaks down and strands tourists in Petersburg.
- Gov. Bill Walker has signed legislation he says will provide more timber for Alaska’s mills. But it probably won’t be that much of an increase.