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Governor Seeks Alaska Jobs for Oil Company Tax Credits

February 9, 2010, Juneau, Alaska – In an effort to increase jobs and oil production for Alaskans, Governor Sean Parnell today transmitted legislation that proposes four changes to Alaska's oil production tax.

“These changes to Alaska’s Clear and Equitable Share will encourage investment and employment within the state, and ultimately, increase production of the state's oil and gas resources,” Governor Parnell said. “This bill increases the value of the capital credit incentives, encourages more capital investment, and creates more jobs in Alaska."

Under the governor's proposed legislation, the state would continue to maximize the value of oil and gas resources owned by all Alaskans, while encouraging responsible and continuing investment in the state's resources by:

  • Expanding existing credits to include a 30 percent credit for all drilling and well-work expenses;

  • Eliminating the double standard applied against new explorers by allowing the state to pay for capital credits earned by explorers regardless of their future spending levels;

  • Allowing all companies to enjoy the entire benefit of their capital credits in the year they are earned, rather than have to spread the credit over two years; and

  • Allowing for the waiver of interest charges on late payments due to the retroactive application of new regulations.

A copy of the bill is available at: http://gov.alaska.gov/parnell_media/documents/gov_SB_4OilGasChanges.pdf

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