Alaska Moves to Secure Huge LNG Tax Deal

The governor announced a new special session that will begin on Saturday to push forward a massive tax break for the Alaska LNG project. The move comes after lawmakers in the Senate Finance Committee began raising the proposed tax level on Friday, pushing it above what the House approved last week. The Senate’s plan would double the alternative tax rate after ten years and again in 2060, switching from a high property tax to one based on gas volume.Governor Dunleavy and the project’s developer, Glenfarne, support this higher rate because they believe it will keep the project financially viable. The Senate must decide by midnight Friday; if they fail, another special session will be required. A revised bill with the increased tax was sent to a Senate floor vote after unanimous approval in the committee. The special session will start at 10 a. m. Saturday, June 20.