04/11/11 - 8:52am
State senate leaders are defending their decision to put Gov. Sean Parnell's oil tax reform bill on the slow track, which means certain delay until the 2012 legislative session.
Adjournment is at midnight, April 17, unless legislators vote to extend the session.
Parnell's tax reform bill, House Bill 110, passed the House on a 22-16 vote April 1. The bill changes the structure of the tax and establishes a cap of 50 percent of net profits for current production and 40 percent for new fields, and also adds incentives for new development.