April 6, 2004
Tuesday

U.S. Sen. Lisa Murkowski on Monday welcomed a decision by Senate leadership to add Alaska gas line financial incentives to a major Senate jobs bill, in an effort to speed passage of the tax provision portion of a Senate energy bill.

Murkowski, who for weeks has been pushing for passage of financial incentives for an Alaska gas line, today applauded the announcement by Sen. Pete Domenici, R-N.M., that he is adding three financial incentives for a gas line to the pending Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) jobs bill pending in the Senate.

The provisions added to the bill include:

• A tax credit - an enhanced oil recovery credit - that will reduce the cost of building a needed North Slope gas conditioning plant.
• A tax deduction, allowing for accelerated depreciation of sections of a pipeline project built in Alaska.
• And a marginal well credit that some call a price floor provision that will protect pipeline investors from steep drops in the price of natural gas if they occur in the future.

"This is just the latest attempt to push major energy legislation through the U.S. Senate. Given our shortage of natural gas, the high prices of gasoline, there is no question but that we need passage quickly of an energy plan to meet this nation's need for more energy," said Senator Murkowski.

Senator Domenici said he added most of the tax provisions in the original energy package into the jobs bill. After its passage, he will attempt to press the remaining authorizing provisions - including a loan guarantee for the Alaska gas line and streamlined permitting and court review - in other legislation.

The provisions also include tax breaks for renewable energy, alternative vehicles and fuel incentives, conservation and energy efficiency programs, clean coal incentives, oil and gas tax breaks and electricity provisions. The Senate could be attempting to break a filibuster on the FSC-ETI bill later this week.

Source of News Release:

Office of U.S. Senator Lisa Murkowski
Web Site

 

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