Debunking the oil tax myth – Fairbanks Daily News-Miner: Community Perspectives   Leave a comment

Debunking the oil tax myth – Fairbanks Daily News-Miner: Community Perspectives.

I’ve said before that I don’t know how I feel about SB 21. I didn’t agree with it when it was passed by the Legislature, but I don’t agree with repealing it … at this time. Oil company production is picking up, probably for reasons having nothing to do with SB 21 (yet). Adding new taxes now might upset those plans … or not. We need a clear-eyed plan for the future, not a change-with-the-wind strategy.

Having passed SB 21, we need to stick with it for at least 3-5 years to see what happens, otherwise we’re being bad partners in business and that will harm our prospects in the future.

But I still don’t think SB 21 was the way to hand the lack of production by North Slope producers. The Legislature should have amended ACES to force the long-term lease sitters to produce and add an incentive for new development. SB 21 lowered taxes long-term and left development up to the producers. It wasn’t a good idea, but neither is changing the oil tax structure every year.

Posted May 19, 2014 by aurorawatcherak in Alaska

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