WATCHING GOVERNMENT: Gov. Murkowski’s next race

Alaska Gov. Frank H. Murkowski may have lost the Republican gubernatorial primary on Aug. 22, but that doesn’t mean he’s through.Three days beforehand he signed into law a bill reforming the state’s oil and gas taxation regime. Alaska producers now will pay 22.5% of their net profits to the state, a 0.25% increase for every dollar the price rises above $40/bbl. The law also includes a tax credit of 4-20% for investments in exploration and development. At current oil prices, the law will raise an estimated $2.2 billion for the state. At the signing ceremony, Murkowski said he considered it “the first step to ensure a bright and prosperous economy for Alaska over the...

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