Gara introduces oil tax legislation

Associated PressJanuary 23, 2012 

JUNEAU -- Oil companies would need to invest in Alaska before getting a tax break under legislation proposed by an Anchorage Democrat.

Rep. Les Gara says the measure seeks to increase oil production. That's also the goal of Gov. Sean Parnell's plan to cut oil production taxes. But Gara says Parnell's plan is a corporate giveaway, without any guarantee that companies will invest more in the state.

Gara wants hearings on the bill even though it's expected that the Senate will take the lead on the oil tax debate this session. Gara says he's trying to advance the issue.

The measure, HB231, would provide tax breaks for exploration in new fields, investing in processing facilities and increasing well-related expenditures.

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