A looming deficit crisis of up to $600 million has left legislators with the task of finding new ways to fund the Permanent Fund dividend and balance the state budget.
ANCHORAGE, Alaska - The Senate majority caucus hosted a press conference on Tuesday to discuss how Alaska lawmakers are scrambling to find new sources of revenue. The press conference comes a week after Gov. Mike Dunleavy announced a bleak revenue forecast, and as the legislative session moves closer to the last day of the regular session in May.
The bill would also bring down Alaska’s per-barrel oil tax credit system from $8 to $5, in addition to placing a cap on the credit amount to put it on par with capital expenditures. Both proposals were discussed at a Senate Majority press conference, highlighting the urgency of remedying Alaska’s financial health to defray the negative impacts from annual volatility injected by slumping oil prices.
“It appears that we’re going to be somewhere between five and six hundred million underwater,” Stedman forecasted.“We’ve reached the cliff, I believe, I believe the Senate Majority recognizes that the cliff is here now,” Giessel said. “So we have to start getting really serious about solving this.”
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