- Associated Press - Friday, April 8, 2016

JUNEAU, Alaska (AP) - The House Finance Committee voted to not tax Cook Inlet oil beginning next year as it worked on its version of an oil and gas tax credit bill.

Committee co-chair Steve Thompson says the issue merits further evaluation.

The committee amended the bill Friday to maintain a tax cap on Cook Inlet oil, reversing an action it proposed earlier this week.

The state Revenue department has said there is currently no production tax on oil in Cook Inlet. The cap is slated to sunset in 2022.

The issue of credits is expected to generate considerable debate in the waning days of the legislative session.

In working on the bill, Thompson said the committee would try to come up with a balance that encourages industry activity while protecting the state’s interests.

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