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ELF, THAT MULTI-BILLION DOLLAR TAX BREAK FOR ALASKA'S OIL EXPLAINED

Ray Metcalfe
Feb. 16, 2006

What's ELF? (Economic Limit Factor)

It’s an annual reduction in Alaska’s oil severance tax. Elf’s reductions get bigger every year. (To see how big, click here for PFD file of Chart)

This year, ELF’s Tax Breaks equal about $1.25 billion. Next year about $1.5 Billion.

ELF Has already cut Alaska’s oil severance tax in half and will cut it in half again over the next five years.

The oil companies know that our legislature will soon be faced with repealing ELF or taking away your dividend and taxing you.

To preserve ELF, VECO hired Ben Stevens, and paid him a quarter million dollars in “consulting fees” to “blow through the rigid rigging that for years has been built around the earnings of the Permanent Fund.”

That’s a quote from VECO’s April 15, 2005 Voice of the Times article titled “Finally, a smart move on spending fund's dollars.”

What is Ben Stevens doing for VECO? He’s proposing a raid on the PFD to fill the spending shortfall created by ELF.

It’s legal for lobbyists to represent persons before the legislature for pay. When legislators do it it’s called bribery. See AS: 24.60.100, 11.56.110, and 11.56.120.

So far, those who should be prosecuting Ben are more afraid of loosing their jobs for trying than they are of loosing their self-respect for not.

That’s what this fight is all about.

Send us a note if you’re interested in joining the fight.

Ray Metcalfe.


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