Posted 10 months ago on Jan. 17, 2013, 10:29 a.m. EST by GirlFriday
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"Lobbyists for the Big Three oil companies couldn't have written a better bill for themselves," said Sen. Bill Wielechowski, D-Anchorage, referring to the state's largest producers, BP, ConocoPhillips and Exxon Mobil Corp. "I think it's the worst bill he's introduced."
"It creates an Alaska fiscal cliff," added Rep. Les Gara, D-Anchorage. "It massively reduces taxes on the Big Three and doesn’t require them to spend their tax breaks in Alaska."
The bill would reduce state income by $900 million in 2014, $550 million in 2015, $800 million in 2016, and $1 billion between 2017 and 2019, according to a fiscal note prepared by the Department of Revenue.