Alaska AG Releases Opinion on Initiative Bill Relating to Oil, Gas Production Tax, Payments, Credits

The Alaska Attorney General (AG) Oct. 14 released an opinion on an initiative bill relating to oil and gas production excise tax, tax payments, and tax credits. The Governor’s Office asked the AG to review the application for the initiative bill. The initiative bill seeks to change the oil production tax by imposing a 10-15 percent tax on the gross value at the point of oil production dependent on the price per-barrel, imposing an additional production tax, and eliminating the applicability of certain tax credits and incentives against these taxes. The AG opined that: 1) the four statutory initiative bill ...