House, Senate clash on oil and gas tax credits
With just nine days left in the second special session, lawmakers continue to argue on the only item left on the Governor’s call: oil and gas tax credits.
Thursday, the House Majority got together to issue a message to the Senate: We don’t like your proposal.
Both bodies agree they’d like to end cash credits, but Thursday, the House accused the Senate of swapping one problem for another. The Senate’s plan trades tax credits for deductions– something the House Majority is strongly against. They say the Senate plan adds $800 million of state debt over the next 10 years, something they claim the State simply can’t afford.
“It kicks the can down the road when we need a fiscal plan to say, on one hand, we’re gonna get rid of $1.5 billion in state liability but institute a $1.45 billion worth of state liability. That does not move the state forward,” said Representative Les Gara (D-Anchorage).
Late Thursday afternoon, the conference committee sat down to try and work out a deal.
Senator Cathy Giessel says they are having good, collaborative conversations and that she’s hopeful they are on the threshold of a solution.