The House Financing Committee advanced a proposed bill that could bring an end to several tax credits for Alaskans.

In the bill's sponsor statement, Representative Steve Thompson outlines the purpose of House Bill 306 as "an effective tool to identify and capture potential lost revenue" for the state of Alaska, following a Legislative Research report which estimated that over half a billion dollars was lost to the state through indirect spending costs related to tax credits and other expenditures.

Included in the list of 14 tax credits to be reviewed is the film production tax credit, which was reauthorized in 2012. Representative Les Gara says he likes much of what's written in the bill, but worries that the film program will lose its momentum before it really begins to work.

Representative Thompson has stated that he believes many of the programs will continue, but will be more efficient and cost effective for Alaska's needs. Tax credits and other expenditures that would expire under the proposed bill could be brought up again before the legislature at a later date for review and reintegration into Alaska law.

Having advanced through the House Financing Committee, the bill will be introduced to legislators and discussions will begin on any further changes necessary before voting on the bill.