Measures to raise new state revenue were introduced in the Alaska Senate on Feb. 26, including one that would substantially increase taxes on oil companies.
Legislators are facing a widening deficit this year and a worsening fiscal outlook due to declining oil revenue. The Republican-led Congress is also expected to make deep cuts to programs such as Medicaid, adding to Alaska legislators’ concerns that costs will be shifted to the state.
The nonpartisan Legislative Finance Division has projected that the state faces a $536 million deficit over two fiscal years if lawmakers approve the same $1...
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