Bill Ending Cash Payments to Oil & Gas Companies Becomes Law
JUNEAU – Today, Gov. Bill Walker signed House Bill 111 into law, legislation that ends the state's program of cash payments to companies in the oil and gas industry. In response, Sen. Cathy Giessel, R-Anchorage, chair of the Senate Resources Committee and co-chair for the Conference Committee on House Bill 111, issued the following statement.
“The bill signed into law today will affect Alaska families, Alaska businesses and Alaska jobs. The cash credit program over the last ten years brought investment money to our state, gas into our homes and businesses, and optimism thanks to the new discoveries on the North Slope. And the credits brought thousands of jobs for Alaskans. Jobs supporting Alaskan families, jobs supporting Alaskan businesses, and jobs that strengthened our Alaskan towns and villages. We cannot afford the cash credit program anymore, and we have to be honest going forward. However, we owe it to the thousands of Alaskan families and businesses to continue to work toward economic development, family-supporting jobs and prosperity. I want every Alaska-born child to have the opportunity to grow up in this wonderful state, every parent to be able to work and support their family here, and every Alaska business to be prosperous.”
The final version of House Bill 111 was the result of lengthy negotiations between the House and Senate Conference Committee members, and passed the Senate unanimously and the House by a vote of 33-6.