Measure on the ballot in the 2020 Alaska General Election in Alaska.
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Get StartedA "YES" vote on this initiative is a vote to support increasing the oil and gas production tax for areas of the North Slope where a company produced more than 40,000 barrels of oil per day in the prior year and more than 400 million barrels total.
A "NO" vote on this initiative is a vote to oppose increasing oil and gas production taxes for North Slope oil fields that produced more than 40,000 barrels of oil per day in the prior year and more than 400 million barrels total.
"North Slope oil companies have paid state taxes every year since oil was first produced in this state decades ago. For the time period in question, Alaska received over $8.7 billion in taxes, and $13.8 billion in total revenue from oil companies since 2014. Those payments account for approximately 90 percent of Alaska’s tax revenue from business during the time period.", in opposition to Ballot Measure No. 1 - 19OGTX (Learn more)
"In my opinion, the paramount importance of oil taxation to the future of this state calls for a measure like this to go through the scrutiny of the legislative process.", in opposition to Ballot Measure No. 1 - 19OGTX (Learn more)
"We are giving away our oil, and with it, our future. We can no longer afford to provide massive tax breaks for oil produced from our largest and most profitable fields.", in support of Ballot Measure No. 1 - 19OGTX (Learn more)
"We should be full partners with our oil industry neighbors, not junior partners. It’s your oil. We shouldn’t give it away at a price that robs students, workers, businesses and all Alaskans of a better future.", in support of Ballot Measure No. 1 - 19OGTX (Learn more)
"Economics 101: If dollars used as up-front capital to develop fields are sucked up in taxes, the fields will not be developed. If taxes are lower elsewhere, businesses will shift their focus elsewhere. Based on this knowledge, if Ballot Measure 1 were to pass, how would things unfold in Alaska? Initially, oil revenues collected by the state would increase, but in a mere few years, oil revenues would drastically drop.", in opposition to Ballot Measure No. 1 - 19OGTX (Learn more)
This act would change the oil and gas production tax for areas of the North Slope where a company produced more than 40,000 barrels of oil per day in the prior year and more than 400 million barrels total. The new areas would be divided up based on “fields, units, and nonunitized reservoirs” that meet the production threshold. The act does not define these terms. For any areas that meet the production threshold, the tax would be the greater of one of two new taxes. (1) One tax would be a tax on the gross value at the point of production of the oil at a rate of 10% when oil is less than $50 per-barrel. This tax would increase to a maximum of 15% when oil is $70 per-barrel or higher. No deductions could take the tax below the 10% to 15% floor. (2) The other tax, termed an “additional tax,” would be based on a calculation of a production tax value for the oil that would allow lease expenditure and transportation cost deductions. This tax on production tax value would be calculated based on the difference between the production tax value of the oil and $50. The difference between the two would be multiplied by the volume of oil, and then that amount would be multiplied by 15%. The existing per-taxable-barrel credit would not apply. The act uses the term “additional tax” but it does not specify what the new tax is in addition to. The tax would be calculated for each field, unit, or nonunitized reservoir on a monthly basis. Taxes are currently calculated on an annual basis, with monthly estimated payments. Since these new taxes would only apply to certain areas, a taxpayer would still have to submit annual taxes for the areas where the new taxes do not apply. The act would also make all filings and supporting information relating to the calculation and payment of the new taxes “a matter of public record.” This would mean the normal Public Records Act process would apply. Should this initiative become law?
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