JUNEAU, Alaska—
The Senate Finance Committee has rewritten its oil tax bill, releasing it a day after members expressed shock at the fiscal impact on the prior bill.
The latest version bill shows the state would lose $775 million to $875 million next year, based on the fall Revenue forecast. That compares to a negative fiscal impact of $1.1 billion to $1.3 billion under the prior bill.
The version released Thursday would increase the base tax rate from the current 25 percent to 35 percent through 2016. After that, it would be 33 percent. It includes a $5 allowance for each barrel of oil produced and a 20-percent tax break for new oil known as a gross revenue exclusion.
The panel's earlier version had a 30 percent base tax rate.
