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Home » Press » NEWS: Senator French Offers Elements of Democrat Alternative in Senate Resources

NEWS: Senator French Offers Elements of Democrat Alternative in Senate Resources

Senator French Offers Elements of Democrat Alternative in Senate Resources

         JUNEAU – In the Senate Resources Committee yesterday afternoon, Senator Hollis French (D-Anchorage) offered four amendments to the committee substitute for SB 21, each designed to give more adequate protection to the Alaskan treasury.

         “Unfortunately, the committee substitute for SB 21 introduced Friday in Senate Resources stayed true to the Governor’s giveaway philosophy,” said Senator French.

         Senator French’s first amendment sought to replace the provisions of SB 21 with SB 50, the Democratic legislative oil plan that directly ties tax reductions to increased production.

         A second amendment would sunset the major provisions of SB 21 in 2017, while the third amendment limited the number of years a producer qualified for the gross revenue exclusion, which reduces the per barrel tax rate on oil.

         “If these short sighted changes to ACES put the state treasury and essential services Alaskans deserve and expect at risk, my sunset provisions and gross revenue exclusion limit would safeguard the treasury and guarantee a legislative review sooner rather than later,” stated Senator French.

         The final amendment offered would have provided the authority and funds for direct state investment in oil and gas projects.

         “Providing Alaska the opportunity to be an active investment partner on the North Slope ensures our ability to make new development a reality,” said Senator French.

For more information, contact Cindy Smith at (907) 465-6641 or email at cindy.smith@akleg.gov

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