Legislative panel releases oil, gas tax credit rewrite

    JUNEAU, Alaska (AP) — A legislative committee has unveiled a draft oil and gas tax credit bill aimed at breaking an impasse that helped send lawmakers into overtime, proposing to phase out most existing credits and calling for a new tax structure for Cook Inlet by 2019.

    Posted Tuesday, May 10th, 2016 1:50pm by Lance David

    JUNEAU, Alaska (AP) — A legislative committee has unveiled a draft oil and gas tax credit bill aimed at breaking an impasse that helped send lawmakers into overtime, proposing to phase out most existing credits and calling for a new tax structure for Cook Inlet by 2019.

    Rep. Craig Johnson, who chairs the committee that released the draft, called it a starting point and reasonable path forward. He expects the committee will consider amendments Wednesday.

    House Minority Leader Chris Tuck says the draft doesn't make enough changes to a program that has become a major spending item.

    Legislative leaders see reaching agreement on tax credits as crucial to making further progress on the budget and revenue bills.

    Lawmakers face a looming constitutional deadline to complete their work or could wind up in special session.

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