Legislature(2017 - 2018)BUTROVICH 205
03/23/2018 03:30 PM Senate RESOURCES
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| Audio | Topic |
|---|---|
| Start | |
| SB176 | |
| HB105 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | HB 105 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | SB 176 | TELECONFERENCED | |
SB 176-TAX CREDIT CERT. BOND CORP; ROYALTIES
3:31:04 PM
CHAIR GIESSEL announced the consideration of SB 176, introduced
by the Rules Committee at the request of the Governor. She
opened public testimony.
3:31:45 PM
BRANDON BREFCZYNSKI, External Affairs Manager, Alaska Oil and
Gas Association (AOGA), Anchorage, Alaska, testified in support
of SB 176. AOGA supports an expedited resolution to this issue
this year, he said. Companies have earned these credits by
investing hundreds of millions of dollars to hire Alaskans for
the exploration and production of oil. The delay in the payments
damages the state's reputation and chills future investment. It
has caused projects to be shelved, which has resulted in
negative economic impacts to the state and local communities,
and now many Alaskans are out of work, especially within the oil
and gas industry.
AOGA believes the state should honor all outstanding earned
credits in full in the most expeditious way possible. The
Governor's bill is an innovative approach and seeks to refund a
portion of the earned credits via bonding to raise money and
then refunding the credits at a reduced rate.
MR. BREFCZYNSKI said the proposal lowers the refunding rates to
cover the state's bond finance costs, but AOGA has concerns
about the steep discount rate and some other provisions in this
bill and is committed to working with the administration and the
legislature to find an equitable solution. "It's simply too
important."
3:34:15 PM
CHAIR GIESSEL, finding no further comments, closed public
testimony on SB 176.
3:34:40 PM
SENATOR COGHILL moved to report SB 176, version 30-GS2863\A,
from committee with individual recommendations and attached
fiscal note(s). There were no objections and it was so ordered.