Senate passes oil tax bill

Now the oil tax debate in the Legislature can really start.

The Republican-led Senate passed House Bill 111, this year’s oil tax credit legislation, Monday afternoon by a 14-5 vote alongcaucus lines.

The Senate version of the bill ends the cashable tax credit “experiment,” Anchorage Republican Sen. Cathy Giessel said in thefloor debate, along with preventing companies producing oil in the state’s largest fields from using deductible credits to taketheir tax obligation below the 4 percent gross minimum tax.

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