New Alaska oil tax credit group introduces ballot initiative

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FAIRBANKS, Alaska (AP) - A new Alaska group hopes to overhaul the state's oil and gas tax credit system through a ballot initiative called the Fair Share Act.

The Fairbanks Daily News-Miner reported Tuesday that the group hopes to enact the proposal into law in 2020.

The group includes former Democratic state Sen. Joe Paskvan, who previously served as Senate Resources Committee chair.

Group steering committee member Robin Brena says the initiative would only apply to three of the state's large oil fields.

Brena says Prudhoe Bay, Alpine and Kuparuk produced an average daily minimum of 40,000 barrels of oil in the last calendar year.

The initiative would increase the gross minimum production tax for those fields from the current 4% to 10%.

The measure would also increase net production tax.

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Information from: Fairbanks (Alaska) Daily News-Miner, http://www.newsminer.com

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