Gov. Sean Parnell~® has signed a bill that reduces tax rates on oil production, a measure he called the "More Alaska Production Act." But opponents to the bill have been gathering petition signatures to place a referendum on the next statewide ballot to overturn the new tax cut. The bill (S.B. 21), signed by the governor May 21, replaces the tax system in effect since 2007, a regime called Alaska's Clear and Equitable System, or ACES. The new tax system caps rates at 35 percent of net per-barrel profits, with a broad system of credits allowed for production from legacy and new fields.
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