Jon Iversen Reviews 2024 Alaska Tax Legislation and Takes a Look at What to Expect in 2025

In his latest column for State Tax Notes, tax partner Jon Iversen begins with a breakdown of the forecast in the Department of Revenue’s Fall 2024 Revenue Sources Book, which includes projections for prices per barrel of oil and barrels per day production for the next several fiscal years. Iversen notes that reduced oil prices and production compared with the Spring 2024 Revenue Forecast means decreased projected general fund revenues—the funds the government uses for its operations. Iversen concludes with a recap of bills that passed and didn’t pass during the 2024 legislative session. Though bills that didn’t pass don’t carry over, Iversen outlines several whose underlying policies make them likely to be revisited by lawmakers in some form in the current session. 

Read the full article here.