- Associated Press - Monday, February 29, 2016

JUNEAU, Alaska (AP) - The Latest on industry legislative testimony on Gov. Bill Walker’s bill to change Alaska’s oil and gas tax credit system (all times local):

3:10 p.m.

The head of the Alaska Oil and Gas Association is speaking out against Gov. Bill Walker’s proposal to change the state’s oil and gas tax credit system.

Kara Moriarty says it isn’t sound tax policy and isn’t in the state’s best interest.

Alaska relies heavily on oil revenue and is facing multibillion-dollar deficits amid low oil prices.

Moriarty told the House Resources Committee that the industry is not immune to economic hardship. She says that increasing taxes on the industry at a time when it’s suffering big financial losses will have negative repercussions for the state’s economy.

The committee is hearing from industry representatives as it considers the bill, which is aimed at getting a handle on credit costs

___

11:45 a.m.

The head of the Alaska Oil and Gas Association is asking lawmakers to carefully consider any changes to the state’s oil and gas tax credit system.

In a copy of her presentation posted in advance of a Monday hearing, Kara Moriarty identified areas of concern with the changes proposed by Gov. Bill Walker, including an increase in the minimum tax and limits on credits.

The presentation says the bill would negatively affect every company that’s a member of the association.

The bill is aimed at getting a handle on the cost of credits.

Legislative consultants said credits that go to companies with no tax liability, which are typically smaller companies developing and exploring on the North Slope and Cook Inlet, reached their highest point in the last fiscal year.


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