The Anchorage Economic Development Corporation wants you to vote no on Ballot Measure 1.

That announcement was met with applause at the AEDC luncheon today.

The proposal would change the state's oil tax structure and repeal the current law, known as SB-21.

Vic Fischer, a well-known supporter of Ballot Measure and the effort to repeal SB-21 one says he disagrees completely with AEDC's endorsement.

"The state is facing a horrendous fiscal disaster in the years to come as oil prices go up," Fischer said. "The state does not benefit."

AEDC doesn't normally make endorsements on ballot initiatives. President and CEO Bill Popp says that it's the first time in his seven years with the corporation that the board has taken a stand on a measure.

"It is an unusual event, and it definitely demonstrates the concern that the business community has with the potential passage of Ballot Measure 1," Popp said. "They don't think it's a good policy decision. They think there are other ways to address the concerns of those who are supporting Ballot Measure 1."

Board member and Key Bank Alaska Market President Brian Nerland says the vote was unanimous.

"The business community came out very strongly in encouraging everyone to vote no," Nerland said. "Getting over that, and moving forward, is going to be a big step for the state."

But supporters of the proposal say the endorsement really doesn't mean much.

"My view is the exact opposite," Fischer said. "The affect would be less funding for schools and likely reductions in PFDs with the elimination of revenue sharing."

The proposal is set to be voted on during the August primary.