SB21 and HB4 Signed Into Law

Alaska's 10th governor, Sean Parnell, officially put a package of oil and gas laws into effect Tuesday afternoon.

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by Associated Press

ANCHORAGE- Alaska's 10th governor, Sean Parnell, officially put a package of oil and gas laws into effect Tuesday afternoon.

Governor Parnell signed off and set in motion Senate Bill 21 and House Bill 4, known as the More Alaska Production Act, a collection of laws designed to overhaul the current oil tax structure in Alaska by amping up production and idustry development.

However, it will also be giving oil and gas companies a tax break, which critics say gives too much to the oil companies with no guarantee for what Alaska might see in return. There is an effort under way aimed at letting voters decide whether the bill should stand or be repealed.

 

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