The House Rules Committee released its version of House Bill 247, which scales back tax credits for oil and gas industry, on Thursday.
“They’re significant because they really call to an end this era of exploration, at least in the Chukchi Sea,” said Michael LeVine of the conservation group Oceana.
The committee’s version of the bill would phase out refundable tax credits over the next three years.
In its decision, the AOGCC called the Milne Point Unit incident “emblematic of ongoing compliance problems” at Hilcorp’s operations, saying the disregard for regulations “is endemic to Hilcorp’s approach” in Alaska.
Considering the governor and the Legislature’s majorities remain far apart on an income tax and other tax increases, it doesn’t look like the session will end any time soon.
The bill would save the state more money over the next three years than a previous version of House Bill 247.
It became clear that the largest stumbling block is how much and how quickly to scale back tax credits for the oil and gas industry.
A joint session of both houses voted 31-27 to confirm Hopkins to the Alaska Gasline Development Corporation board.
The debate reveals a deep divide among lawmakers over how to respond to low oil prices – and the resulting state budget gap.
The concept arose from a concern over Senate Bill 210, which would reduce the amount that municipalities receive in revenue sharing.