Oil and gas tax credit requests surprise Revenue Department

Posted: Thursday, April 10, 2008

JUNEAU - Another $100 million was added to the capital budget to cover tax credits for oil and gas producers in the state.

The tax credits are incentives for companies to explore and develop more of the state's oil and gas resources. The Legislature created the current system when it rehauled the oil production tax in 2006 and 2007.

The Department of Revenue originally asked for $150 million to cover the tax credits that companies earned in the fiscal year that ends June 30. But state officials found they had greatly underestimated the amount of activity under way when the tax returns came in April 1st.

The House Finance Committee approved the extra payment on Thursday.



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