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Oil tax rewrite comparable impact to Parnell's

Posted: March 1, 2013 - 1:08am

JUNEAU — A new analysis suggests a Senate rewrite of Gov. Sean Parnell’s oil tax plan will have a similar to slightly less fiscal impact than Parnell’s plan.

The fiscal note was released Wednesday as Senate Resources advanced its rewrite of the bill.

The analysis was not discussed, and Democratic Sen. Hollis French complained the bill was being rushed through the committee.

Senate Finance is expected to begin hearings as early as Thursday afternoon.

The fiscal note indicates the Senate proposal would cost the state $800 to $900 million next fiscal year. The impact would drop in 2015 and rise to as much as $1 billion by 2019.

Estimates are based on a fall forecast for oil prices and production that predicts a continued net decline in North Slope production through 2022.

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