Alaska House Rejects Taxing Oil Giants

0:00Alaska's house just shot down a Senate bill that aimed to hit private oil and gas companies with state corporate income taxes. These firms set up as S corporations or limited liability companies, currently skip those taxes, and the move could have pulled in up to 100 million dollars in fresh revenue for the state. The big target here is Hillcorp, the Texas outfit running prudhoe bay and cook inlet operations. Alaska skips taxing these pass-through entities since there's no personal income tax, unlike sea corporations that already pay up. Supporters sought as easy cash for schools and services. Lawmakers split hard on this, with the house voting 23-17 against it. Four from the majority caucus' junk ship, to side with Republicans, citing risks to energy growth during this brutal cold snap along the rail belt. They worry it'd scare off drilling and storage when homes and businesses need heat most. The bill's sponsor, Senator Forrest Dunbar, called it a huge miss, handing billions to

1:01a Texas tycoon instead of Alaskans. Opponents flag lawsuit threats, while backers push for fairness to plug the budget hole. One defector, representative Elise Galvin, wants a broader tax plan without singling our companies. Now the measure bounces back to the Senate, where they might tweak it or call a conference committee to hash things out. With energy demands raging and revenue talks heating up, this fiscal fights far from over. Anchorage News today, powered by AI bringing you what matters. I'm Corey, with the story.