Legislature ends cashable oil tax credit program

In an eleventh-hour compromise, the Alaska legislature voted Saturday night to end the state’s cash credit program designed to incentivize exploration for oil by smaller companies.
The Senate approved a conference committee’s version of House Bill 111 just before 11 p.m. on day 180 of session. The House followed suit, just before the clock ran out on the legislature’s second special session at midnight.
The measure builds upon the previous legislature’s work through HB 24