Slideshow: Alaska Senate OKs massive tax cut to oil industry

Sen. Bert Stedman, R-Sitka, speaks in opposition to SB21, which would overhaul Alaska's oil tax structure, on Wednesday, March 20, 2013, in Juneau, Alaska. Seated beside him is Sen. Kevin Meyer, R-Anchorage. (AP Photo/Becky Bohrer)
Becky Bohrer
Sen. Mike Dunleavy, R-Wasilla, is seen in the foreground, listening to discussion on the Senate floor of SB21, which would overhaul Alaska's oil tax structure, on Wednesday, March 20, 2013, in Juneau, Alaska. (AP Photo/Becky Bohrer)
Becky Bohrer
Sen. Peter Micciche, R-Soldotna, introduces the first amendment to Senate Bill 21, which institutes oil-tax cuts for industry. The amendment, backed by nine other senators, eliminates one provision of the bill that opponents had attacked: a reduction from 35 percent to 33 percent in the tax on oil after three years. If passed, the amendment would result in hundreds of millions of dollars more in tax collections over the next decade.
Richard Mauer
Sen. Hollis French, left, and Sen. Bert Stedman, talk during a break Wednesday on debate over an amendment by French to reintroduce a progressive tax on oil. The amendment failed, 4-16. Stedman, who supports progressive taxation, said he thought French’s tax rate would be applied in such a way that it could cost the treasury in the future if natural gas from the North Slope is marketed.
Richard Mauer
Craig Medred