Governor Palin Announces Special
Session to Revisit Oil Taxes
August 04, 2007
Saying Alaskans must have confidence in the integrity of the
state's oil tax structure, Governor Sarah Palin announced Friday
her intention to call the Legislature into special session starting
October 18, 2007, to reconsider the Petroleum Profits Tax (PPT)
it passed last year.
Listen to the Governor's
full press conference. After downloading begins, click on above to begin the audio. (18.7
Due in part to the public corruption probe, Governor Palin directed
the Department of Revenue to review the performance of PPT. The
department has completed a Status Report on the Implementation
of PPT, released today. The report concludes:
PPT is resulting in far less revenue than was estimated in the
fiscal notes prepared in support of the bill. Companies are reporting
far greater costs than were predicted when PPT passed.
Exploration companies are getting
less value from the credits included in PPT than was expected
due to the limited market of taxpayers willing to buy the credits.
The Governor has directed the Department of Revenue to prepare
a proposal to respond to the substantive deficiencies with PPT.
She has asked the department to have the proposal ready for release
to the public by September 4, 2007. This will provide the Legislature
and the public with more than 40 days to become familiar with
the proposal before the special session begins.
The Governor repeated her desire to hold the special session
at a more accessible location on Alaska's road system. She will
ask the presiding officers, Speaker Harris and President Green,
to poll their members to determine what location is preferred
by legislators, and get back to her before September 4, 2007.
On that date, Governor Palin will announce the location of the
special session and the proposal to address the issues with PPT.
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