Group proposes initiative to raise oil industry tax

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ANCHORAGE, Alaska (AP) - An Alaska group has filed an application with the state for a ballot initiative asking voters to increase taxes on the oil industry.

The Anchorage Daily News reported Monday that the proposed Fair Share Act would alter the state's 2014 oil-production tax.

The application submitted Friday comes as Republican Gov. Mike Dunleavy moves to close the $1.6 billion state deficit with large budget cuts, but no new taxes.

Dunleavy vetoed line items equaling $444 million in reductions to Alaska's operating budget in June.

A group member says the proposal would apply only to the North Slope's historically large fields in Prudhoe Bay, Kuparuk and Alpine, which are held by major oil companies.

The group says the measure could bring in about $1 billion in additional production taxes.

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