Lawmakers say cutting tax credits to oil and gas companies may be a necessary step to close the state government’s budget deficit. Bill Armstrong, president and CEO of Armstrong Oil and Gas, also is concerned about House Bill 247. He says ending the ability of companies to receive tax credits based on net operating losses would hurt companies that want to expand into the North Slope. “The new version of HB 247 – the nickname should be hell bent 24-7 on kicking all the new players off of the North Slope,” Armstrong said. “Because the new version of HB 247 is heavily stacked to the benefit of the three existing producers up on the North Slope.”
See Full Story at alaskapublic.org
