Legislative panel releases oil, gas tax credit rewrite

JUNEAU, Alaska (AP) — An Alaska legislative committee on Tuesday unveiled a draft oil and gas tax credit bill aimed at breaking an impasse that helped send lawmakers into overtime, proposing to phase out most existing credits and calling for a new tax structure for Cook Inlet by 2019.

But it received a muted response from some lawmakers who say it doesn't go far enough in making changes or lowering the state's tax liability. The head of the Alaska Oil and Gas Association, meanwhile, said the draft, like previous versions of the bill, would hurt the industry.

Legislative leaders see reaching ag...