By Associated Press - Wednesday, June 1, 2016

JUNEAU, Alaska (AP) - The budget passed by the Alaska Legislature covers a portion of the tax credits the state expects for the coming fiscal year.

The Department of Revenue has estimated that next year the state will owe $775 million to companies with no tax liability, which are typically smaller companies developing and exploring on the North Slope and Cook Inlet. That includes newly earned credits and those beyond a cap imposed by Gov. Bill Walker for this year.

The budget passed Tuesday includes $460 million, all but $30 million of which is contingent upon the passage of oil and gas tax credit legislation. The rest is based on a statutory formula linked to oil prices.

Ken Alper, director of the department’s tax division, said that would leave a liability that would be carried forward.

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