Most current oil and gas tax credits in Alaska would be phased out by 2020 under a draft rewrite of legislation pending in the House Rules Committee.
The draft has yet to be formally introduced or heard by the committee, which took possession of the bill after a prior version appeared destined to fail on the House floor.
Resolution on credits is seen as key to making progress on the budget and revenue measures as the Legislature continues working in extended session.
Documents for the draft rewrite were posted on the legislature’s website.
A summary of the rewrite also states that a tax break for North Slope oil produced from newer fields would be limited to 10 years once regular production starts, rather than being a timeless benefit.
