The Governor of Alaska, Sarah Palin, has announced that the state and BP Exploration (Alaska) Incorporated have resolved a tax dispute concerning outstanding corporate income tax liabilities.
The taxes related to disputed amounts for tax years 2000 through 2002. However, Palin said in a statement released December 31 that Alaska tax statutes require the specific terms and conditions of the dispute and agreement to be kept confidential.
“I am very pleased with this settlement and appreciate BP’s willingness to work with the State of Alaska and come to a fair resolution,” Governor Palin said.
BP agreed to make the payment of $379 million on December 31, 2007. The funds will be deposited in the Constitutional Budget Reserve, which was created as the state’s main savings account by a vote of the people in 1990.
The announcement of the settlement comes at a time of growing tension between the Alaskan state government and the oil industry. The Alaskan government recently unveiled plans to increase the tax on oil profits by 2.5% to 25%, which would generate an additional $1.5 billion in revenues. .
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