ACES was both more and less than that to my understanding. If I’m wrong, please show me where. Links preferable.
laska’s Clear and Equitable Share (ACES) Proposal
http://lba.legis.state.ak.us/aces/doc_log/2007-10-16_leg_finance_review_of_governors_aces_bill.pdf
A Brief Review of the Governor’s Proposed Changes to Oil Taxation (Gov. Palin, not current)
The ACES bill addresses four major items:
1. Base tax rate
2. A surcharge that increases revenue at higher oil prices
3. Tax credits, and
4. Information provided to the Department of Revenue.
ACES raises the base tax rate from 22.5% to 25% of the profit on oil production. ACES also increases the minimum tax to 10% of the gross value of oil production (rather than profit) from the Prudhoe Bay and Kuparuk fields.
A surcharge adds 0.25% to the base tax rate when the profit
per barrel exceeds $40.
A discussion of the fiscal impact of changes to tax credits would require knowing the amount (and type) of eligible credits that might be claimed. Legislative Finance does not have sufficient information to make projections. It should be clear, however, that reducing credits will increase revenue by more than indicated by a comparison of tax rates.
ACES includes several significant changes to the information that producers must provide to the state. The bill also includes several technical and conforming changes, and addresses unscheduled production interruption costs and auditing requirements of the Department.
This walks through a breakdown of numbers:
Alaska’s Oil and Gas Taxes
The 2006 Reform, 2007 Reform, and Beyond
http://lba.legis.state.ak.us/fiscal/doc_log/2008-12-09_dan_dickinson_presentation.pdf
Legislative Budget and Audit Committee
Alaska State Legislature
Note the title on page 13:
How did we get here –4 fold increase in tax