5/13/2023 0 Comments The black company cook“However, it could have long-term impacts, negative impacts, to the state, based on the decisions that oil companies will make as it pertains to their future investment outlook,” he said. The bill would also reduce the per-barrel break for companies by $3 per barrel of oil at certain price thresholds.Īt a Senate Finance hearing Monday, Fadil Limani with the state Department of Revenue said the legislation could have a positive short-term boost to the state’s finances, bringing in as much as an additional $1.1 billion in the next fiscal year, according to estimates from his department. Only publicly traded corporations like ConocoPhillips, Alaska Airlines and Walmart pay income tax in Alaska. It would extend income taxes to companies that are not publicly traded - like oil and gas company Hilcorp, which is Cook Inlet’s dominant oil and gas producer, and falls under the “S-Corporation” designation.Īs it stands, S-Corps do not pay income taxes to the state. Senate Bill 114 is sponsored by Anchorage Democrat Sen. The Alaska State Capitol (Riley Board/KDLL)Ī bill that would extend the state’s corporate income tax to companies like Hilcorp is making its way through the Alaska Legislature.
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