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House Resources unveils a version of oil tax bill

Posted: March 29, 2013 - 3:51pm

JUNEAU — The House Resources Committee has released a version of the oil tax bill that co-chair Eric Feige believes is fair to Alaskans and to the oil companies.

The proposal, like the version that passed the Senate, would fix the base tax rate at 35 percent and provide a $5-per-barrel credit for oil produced. But that $5 credit would only apply to what would be considered new oil and production that also would qualify for a 20 percent tax break, known in this version as a gross value reduction.

Areas that don’t qualify for the gross value reduction — that is, the legacy fields — would have a 35 percent base rate and a per-barrel allowance of up to $8 at lower oil prices and zero at higher prices.

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