SB 114 Archives - Vote Yes for Alaska's Fair Share

Why is Senate Bill 114, Oil Subsidy Reform, Needed Now?

Alaska is facing a Billion-dollar budget shortfall over the next two years. This could lead to drastic cuts to essential services such as education, public safety, and roads. New, regressive revenue measures are being considered such as cutting PFD checks, implementing a sales tax, or creating an income tax.

Solution: Senate Bill 114 is a bi-partisan, compromise effort, that will close the S-Corporation tax loophole and tie per-
barrel oil tax credits to investment with a cap reduction from 8-5 dollars/barrel. This will lead to $500-600 million more
in revenue.

We need you to contact YOUR legislators and tell them you support this bi-partisan effort to fix the broken oil tax system!

Learn more and share this page with your friends, family and Alaska neighbors.

What Can I Do?

2023-04-24T06:27:58-08:00April 24th, 2023|

Time is REALLY short so how can you help? Immediate ask: We would like everyone on the list to pen a letter of support for Senate Bill 114 to the Senate Finance Committee. You should copy your House members as well. You can send a message to the Senate Finance [Read More...]

Sponsor Statement: SB 114

2023-04-21T12:22:13-08:00April 21st, 2023|

Alaska State Senate Rules Committee Senator Bill Wielechowski, Chair Senate Bill 114 Sponsor Statement SB 114 addresses two existing deficiencies with Alaska’s oil tax laws through reasonable reforms. Closing the S-Corp Tax Loophole In 1958 Congress established the S Corporation (S-Corp) tax classification of the IRS tax code to benefit [Read More...]

Alaska’s state budget is broken, and we have a plan to fix it.

2023-04-21T12:15:06-08:00April 21st, 2023|

According to the Spring Revenue Forecast by the Department of Revenue, the State of Alaskawill have a $1 billion shortfall next year. We are facing a fiscal crisis. Senate Bill 114, the OilRevenue Reform bill, represents a new bi-partisan approach to fix two major oil tax loopholes.These Oil tax loopholes [Read More...]

Press Release: Senate Rules Committee Introduces Legislation to Fix Flaws in Alaska’s Oil Tax Structure

2023-04-21T12:11:11-08:00April 21st, 2023|

FOR IMMEDIATE RELEASE March 24, 2023 JUNEAU – The Senate Rules Committee introduced legislation today to fix several flaws in Alaska’s oil tax structure. Senate Bill 114 would level the playing field by having all oil producers pay the same corporate income tax rate as corporations at 9.4%. This would only [Read More...]