Governor Walker’s Legislation Closing Out Oil Tax Credit Program Becomes Law in Fairbanks
House Bill 331 signed into law in ceremony at Local 942 Union Hall
FAIRBANKS—Governor Bill Walker on Wednesday signed House Bill 331 into law, closing out the remaining debt the State of Alaska incurred under the defunct cashable tax credit program.
The new law allows the state to issue bonds to pay the final debts carried over from the former tax system. The policy change will save state government money in the long run, immediately provides small, independent oil and gas companies cash to invest, and keeps good on the state’s past promise to incentivize industry investment in Alaska and exploration for new oil.
“We expect to see new jobs and increased exploration activity as a result of this legislation,” Governor Walker said. “Alaska’s economy is on the right track thanks to progress we made this year by working together across party lines to advance innovative solutions, including the one that became law today.”
H.B. 331 was crafted by Revenue Commissioner Sheldon Fisher and introduced by Governor Walker. Representative Jason Grenn and Senator Peter Micciche carried the bill through the Legislature.