Oil tax hike initiative approved for ballot petition

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The “Fair Share” ballot initiative that would gut Alaska’s reformed oil tax structure known as SB 21, was accepted by the Lieutenant Governor’s Office, which means petition books can be printed, and supporters can start gathering signatures.

The voter initiative would eliminate certain oil tax credits and reinstate progressive taxes on legacy oil fields such as those on the North Slope currently operated by BP and ConocoPhillips.

ACES is blamed by most analysts for the slowdown in oil exploration and production several years ago, as North Slope producers felt they were being gouged by the State of Alaska, and started putting the legacy oil fields into a tax-induced coma.

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