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Alaska: Second Special Session Ends; Third Special Session Pending
July 17, 2017

Lawmakers concluded the second special session late Saturday after reaching an agreement on a conference-committee measure to cease cash payments to oil companies, opting to let the companies claim tax credits on functioning infrastructure. The payment scheme was originally created to foster the development of new oil fields, however the sharp decline in the price of oil created the current budget deficit.

An additional special session will be needed to resolve the current $2.5 billion spending gap and a new annual budget. Legislative leaders are hopeful that the special session will occur by the end of July.

Find out more: Alaska Legislature Passes Last-minute Oil Tax Deal, but Capital Budget is Still Pending
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