The Senate on Thursday approved a bill separating gas taxes from oil taxes. The issue arose when lawmakers discovered that under the current, unified tax structure, the state risked actually losing as much as two Billion dollars a year when oil prices are high – as they are now – and gas prices are low – as they also are now. Petroleum economists predict that those conditions are likely to continue for as long as twenty years. Opponents to the measure, including the Parnell administration, say that if those market prices reverse, the state would take in much more revenue if the tax is not changed.
Dave Donaldson, APRN – Juneau
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