Homer Alaska - Business

Story last updated at 3:26 PM on Wednesday, February 29, 2012

Industry groups oppose Senate oil tax bill



By BECKY BOHRER
The Associated Press

JUNEAU — Oil and gas industry and pro-development groups are speaking in opposition to a Senate plan to cut oil production taxes.

Kate Moriarty, executive director of the Alaska Oil and Gas Association, says none of her group's 16 member companies believe the proposal represents "meaningful" tax change. She says her group opposes the bill in its current form.

Rick Rogers, executive director of the Resource Development Council, called the bill insufficient to change investment behavior.

The Senate Resources Committee is taking testimony on its work-in-progress bill, which the state Revenue commissioner has said offers a "modest" tax reduction compared to the current tax structure.

Gov. Sean Parnell has proposed a steeper cut than the Senate bill. Moriarty says her group sees Parnell's plan as a good first step.

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