1:10
Bill Wielechowski
54:29 - 55:39
"The fundamental question that we are being asked right now is how many billions in tax breaks shall we give to Glenfarn or whoever ends up producing this project so that they can make, according to the Department of Revenue's projections, $5 billion a year in profits?"
“The fundamental question that we are being asked right now is how many billions in tax breaks shall we give to Glenfarn or whoever ends up producing this project so that they can make, according to the Department of Revenue's projections, $5 billion a year in profits?”
- Speaker
- Bill Wielechowski
- Timestamp
- 54:29 – 55:39
- Community
- Alaska News
- Location
- Alaska
- Captured at
- June 19, 2026
From the transcript
The fundamental question that we are being asked right now is how many billions in tax breaks shall we give to Glenfarn or whoever ends up producing this project so that they can make, according to the Department of Revenue's projections, $5 billion a year in profits? Let me repeat that for the public. Yes, this is a marginal project in the initial years, and that's why under this bill the company is getting a 90% tax break in production tax— in property taxes. They're getting 90% production, roughly $700 million to $1 billion per year in property tax cuts for the state, from the local communities. But once this project ramps up, according to our Department of Revenue, which is controlled by the governor, Glenfarm will be making $5 billion in profits per year.
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