Juneau, Alaska – The Alaska House of Representatives today passed a bill that will allow the State to collect foregone revenue, certain incentives, deductions or tax credits enacted over the years. House Bill 155, by Finance Co-Chair Steve Thompson, repeals six indirect expenditures that will bring in roughly $350,000 more in revenues.
“We’ve gotten the ball rolling of taking a critical look at the Indirect Expenditure Reports ordered by last year’s passage of HB306,” said Thompson, R-Fairbanks. “In our current fiscal situation we need to take every step to recoup revenue that has previously gone uncollected. We’re searching under every couch cushion, as it were, to make sure the true cuts we make are targeted and do the least harm to public services.”
HB155 repeals:
– Small Loan Company Business License Exemption
– Exploration Incentive Credit
– Tobacco Product Tax Deduction for Timely Filing
– Cigarette Tax Stamp Discount
– Motor Fuel Tax Timely Filing
– Large Vessel Gambling Tax Deduction
The HB306 IE Report is available here. (PDF)
HB155 now moves to the Alaska Senate for consideration.
