Alaska Senate Votes to Tax Oil Giants

0:00It's March 26, Anchorage News Today starts now, AI-powered and ready. I'm Corey, with the story. The Alaska Synod is voted to extend the state's corporate income tax to oil and gas companies that have dodged it so far, like Hillcorp, which runs. The Prudhoe Bay Oil Field This amendment to a governor-requested bill targets S corporations in that industry, potentially bringing in more than $100 million a year. It sets tiered rates up to 9.4% for firms with over $5 million in taxable income. The change tax onto legislation about selling state royalty oil and gas to marathon petroleum's canyrophinery, which could add 4 to 18, million dollars in revenue. Lawmakers say it levels the playing field since rivals' Lyconical Philips already pay as C corporations, and it spares non-oil S.Core, such as, doctors offices. Doctors argue it's a fair fix to boost revenues for crumbling schools, housing, and rural

1:00services, especially with high oil prices now. Critics, including the Alaska Oil and Gas Association, call it a discriminatory new tax that could scare off investment and threaten natural gas. Supplies from areas like Cook Inlet. The measure passed the Senate 11-8, but it still needs house approval in Governor Mike Dunlevy's signature. His office wants a broader fiscal plan with spending controls, not just tax hikes. House leaders expect mixed reactions there, so watch for debates on balancing state needs with energy production in the weeks ahead.