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24th Alaska State Legislature
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Alaska State House Finance Committee
Rep. Kevin Meyer, Co-Chair Rep. Mike Chenault, Co-Chair

Click image for large 5'' x 7'' portrait

Rep. Kevin Meyer
State Capitol, Room 515
Juneau, AK 99801-1182
Phone: (907) 465-4945
Fax: (907) 465-3476
      Click image for large 5'' x 7'' portrait

Rep. Mike Chenault
State Capitol, Room 505
Juneau, AK 99801-1182
Phone: (907) 465-3779
Fax: (907) 465-2833

House Finance to Encourage Investment in Alaska
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Released:
August 2, 2006


"This is a compromise on the produce or pay concept. For those that choose to reinvest in Alaska, we will give them consideration on their tax rate."
- Rep. Samuels

 

(Juneau) - The House Finance Committee met late this evening to change the Governor's Petroleum Production Tax (PPT) proposal.

The new tax rate will be investment based. The base rate will be increased to 25 percent with provisions that allow energy companies who reinvest their profits in Alaska to reduce that rate to a floor of 20 percent if their investment increases. If companies maintain their current investments in Alaska, the rate would be approximately 22.5 percent.

"This is a compromise on the produce or pay concept. For those that choose to reinvest in Alaska, we will give them consideration on their tax rate," said Representative Ralph Samuels (R-Anchorage). "We hope to incentivise higher production which is critical to our economic future."

The legislation is scheduled for final consideration by the finance committee on Thursday before heading to the House floor.

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Alaska State Legislature
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· Rep. Kevin Meyer
Co-Chair
Capital Budget
 
· Rep. Mike Chenault
Co-Chair
Operating Budget
 
· Rep. Bill Stoltze
Vice-Chair
 
· Rep. Mike Hawker
 
· Rep. Jim Holm
 
· Rep. Bruce Weyhrauch
 
· Rep. Richard Foster
 
· Rep. Mike Kelly
 
· Rep. Beth Kerttula
 
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· Rep. Reggie Joule
 
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