Video Clips

Quoted moments from Alaska public meetings, hearings, and press conferences.

Clips from Alaska State SenateClear

Dan Stickel “We estimated under our baseline modeling first payments of the pass-through entity tax of $29 million in 2036, increasing to $65 million in 2041 and up to $358 million by 2051”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Adam Prestidge “Senator Steadman, I don't think there's any question on the labor side that this is a binding agreement. I think there was confusion or there was a concern that others out there thought that it wasn't, but I certainly believe that they agree that it's binding, want it to be binding. We feel the same way. It just seems that unfortunately some have interpreted it based on those headlines as non-binding, and that might be why some legislators thought it would be helpful to insert this amendment.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Adam Prestidge “Putting this pass-through entity tax in the place where it would assign the pass-through entity tax of 9% at the LNG LLC level would be a unique burden on any project finance vehicle. Typically a project finance vehicle is set up as a pass-through entity and the upstairs shareholders pay tax on that because— so that they can all invest under their different arrangements.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Adam Prestidge “the language of the amendment says 15 hours— 15% of all hours across the project must be performed by apprentices. I want to be totally clear, we are fully supportive of having an apprenticeship program on the Alaska LNG Project. We think it's fantastic. We want to be part of building a workforce for Alaska.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Adam Prestidge “if we take the example of some of the offsite fabrication that could be done internationally, paying Alaska prevailing wages at a fabrication yard in Korea, for just one example, doesn't make any sense and wouldn't be economically viable for the project.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Adam Prestidge “we'd be fully supportive of taking an additional step to have the bill, the legislation, require that the project establish an apprenticeship program that is consistent with industry standards and would be negotiated between the project and the appropriate labor unions”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 2PM · Jun 27, 2026

Dan Stickel “total state benefits under our baseline model assumptions, which which we talked about yesterday, through 2042 would be $7.5 billion to the state.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “in those early years, the vast majority of the revenue is allocated to the communities that the project is directly in. So $109 million of the AVT in 2034 would go to those 5 municipalities, with an additional $13 million spread statewide to community revenue sharing and $12 million to the state. And then the second column shows after the first step up in the alternative volumetric tax, and that additional step up goes entirely to community revenue sharing.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “our practical expectation is that we will complete the project ahead of these timelines, and so the deadline or the timeline that you said The end of the year for FID maintains— continues to be our target. And we would— if we were to follow a target construction schedule, even with some delays, we would complete the project before December 31st, well before December 31st, 2032.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “in fiscal year 2061, which would be the first full fiscal year after the the second step up of the alternative volumetric tax. At that point in time, after adjusting for the inflation, there would be $212 million shared directly with the communities that the project resides in, an additional $285 million shared across the state based on population for community revenue sharing, and then the state at that point in time would get a little over $500 million.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “the 2028 deadline, it puts a bit of a risk on the developer and it puts an incentive on the developer, but it does that at a time before billions of construction dollars have been put at risk on the project. And so essentially putting that 2032 deadline puts additional risk on all the investment dollars that doesn't serve the benefit of actually accelerating anything. And the issue that then comes up is if there were a delay in construction, if there were litigation, if there was COVID, you know, an epidemic, that's just, those are all hypothetical risks that could occur, that have occurred on other projects, that lenders and investors are going to be nervous about.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “through 2062, which is the to the extent of our modeling, $32.2 billion to the state. And those are cumulative nominal under our baseline modeling assumptions.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “fixing the percentages does increase some of the certainty and makes it easier to calculate and plan. Removes one item of potential contention going forward.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “we as the project developer at 8 Star have no objection to the 2028 FID deadline. We're only raising concerns around the 2032 completion of construction deadline.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Lyman Hoffman “On the first bullet point where the Senate version removes the calculation complexities, does the department have an opinion on that? Especially since it has the same effective rate as the House version simplification, does that reduce the amount of work to the department.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “under the House version of the bill, the alternative volumetric tax was calculated and levied on a per-component basis as a— using a weighted average of capital expenditures. And so once the full project was complete, we would look at the, the total capital expenditures that were spent on each component of the project, being the treatment plant, the pipeline, and the LNG export facility.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Bryce Edgmon “the reason why I'm, I guess, at this juncture supportive of keeping in the 2028 timeline, if anything at all, it's just speaking of risk, poring through the Gaffney Klein document that was presented to the legislature in December 2025 that talks about all these sort of jurisdictions around the globe and the need for property tax relief and some sort of relief to get these very expensive front-end projects, gas line infrastructure, into place, is supported by years of analysis and efforts.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “for the first doubling of the tax rate, 100% of that doubling would go to community assistance, and then for the second doubling of the tax rate, 100% of that that next doubling would go to the state unrestricted general fund.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “That penalty is— would be losing the tax— the tax treatment of the project. The result of that would be at the front end, investors would look at this as additional risk, And they would have to price in that risk into how they invest in the project. And so the ultimate outcome of this would be making the project more expensive and require more investment capital.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Bert Stedman “I think after January 1st, 60, 100% goes to the general fund, not community assistance. Is that right?”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “they moved away from this weighted average approach and instead just put in the flat rates for each component of the project. So they took that about 6 cents per MCF rate on the pipeline component and made that a 6.2 cents per 1,000 cubic feet tax rate for phase 1 of the project. And then they took that 10.6 cents per thousand cubic feet weighted average with the capital expenditures weighting and just made that the tax rate once LNG exports began.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “The first effective 10 years, after 10 years of LNG export operations, where the tax rate doubles. And then the second effective in 2060, where the tax rate doubles. Again.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “It does start with the same effective tax rates as the House version and simply fixes those rates and allocations in, in statute. The Senate version then added in the two doublings of the tax rate that was a major change from the House version.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “for a pipeline-only portion of the project, you'd have a 6-cent per MCF tax rate, and then once the full project was in operations, we would estimate that the tax rate on a weighted average basis would be about 10.6 cents per 1,000 cubic feet.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Mike Cronk “if we do nothing, these numbers go away, we have nothing here. There's zero revenue brought to this state. There's zero revenue brought to many communities.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “The 2032 completion of construction is more about managing theoretical risk that lenders and investors will look at when they make an investment decision on the project. And so regardless of how we all want to move fast, Regardless of the timing around the energy availability out of the Cook Inlet, lenders and investors will just see this numerically and assign it a hypothetical risk that will make the project more expensive. And so we don't see it adding any additional incentive that isn't there already. It just adds risk to the project that will be priced into the financing.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “In the version that passed the House, our break-even price was $8.57 under our baseline scenarios for gas delivered into the global market. Under the version that passed the Senate, it was $8.62 per 1,000 cubic feet. So a 5 cents per 1,000 cubic feet increase from the House version to the Senate version.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “the capital expenditure weighting and the project component weighting, that applied both for calculating the initial tax rates, but then also applied for calculating the sharing out to municipalities. And that sharing out to municipalities has also been fixed in statute. In the Senate version of the bill. So removing some of that complexity. The other addition that the Senate made is the two step-ups.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “the state starts out receiving about 9% of the AVT revenue. That will drop to 5% with the first doubling of the tax rate.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “But then increase to 52% of the total AVT with the second doubling of the tax rate.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Dan Stickel “the Senate version of the bill removes some of the complexity in the calculation that was in the prior version of the bill.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Adam Prestidge “The deadline of 2037 is well within— well beyond the project completion deadline, even if we put a couple years of contingency on that. And so a 2037 deadline doesn't have that same risk profile to the FID investors. And so for that reason, we suggest deleting the 2032 deadline.”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Bryce Edgmon “I feel like I think if FID isn't, for Phase 1, arrived at by 2028, there's justification for this issue to come back before the legislature to have a longer runway to engage in this discussion. I would submit to you or anyone else that we should not have gotten this bill on March 20th. We should have gotten this a lot earlier so we could, to pour over this in a way that complies with all the sort of what-if scenarios that are out there and also to be maybe a better partner to you as a developer overall to get our work done in a longer frame of time. So I guess at this point I'm not convinced that removing that 2028 FID deadline— and remember, it's just for Phase 1, it's not for Phase 2. You know, I don't know that it serves our best interests”

Alaska Legislature: Joint Conference on HB381, 6/27/26, 10am · Jun 27, 2026

Cathy Giessel “Mr. President, I move that the Senate recede from its amendments to House Bill 381 and recommend that the Senate vote no.”

Alaska Legislature: Senate Floor Session - June 20, 2026 11:00am · Jun 20, 2026

Bill Wielechowski “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?”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Gary Stevens “7 Yeas, 13 nays. And so by a vote of 7 yeas to 13 nays, Amendment 1 to Amendment 2 has failed to pass the Senate.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Mike Cronk “I believe this body should move this legislation forward clean without— it's a tax burden which allows the developer and AGDC the best chance of success. Alaska's invested the billion dollars. You know, let's give this project— let's give them the opportunity to see if this project can be built.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Forrest Dunbar “in the construction phase, when you're not getting gas taxes, you are going to be losing oil revenue. So this bill, as it's currently written, unamended, it won't just raise very little in gas taxes in the long term, it'll also actually substantially harm Alaska's existing oil tax revenue in the short term and during the, and during the construction phase. That means less money for schools, less money for the PFD, less money for road maintenance”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Forrest Dunbar “we know that Glenfarn, according to the modeling of Department of Revenue, will become one of the largest entities in our state. They estimated more than $400 million of revenue at full gas because of this provision. Now, that might have been overstated a little. We don't get to actually see Glenfarn's books, so We don't know how much money you would raise, but even if it was half of that, we're talking about a very substantial amount of money that Glenfarn originally said they were happy to pay, or at least they didn't fight.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Forrest Dunbar “This would create a stepped system for taxable income in oil and gas pass-through entities, not just S corps but also LLCs and similar legal entities. This is necessary.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Kelly Merrick “there is significant concern that the hard deadline for completion of Phase 1 will place doubt in the mind of investors, making it difficult to raise the needed capital for this project. Lenders take the most conservative view and will make a risk assumption that a delay may occur, resulting in a dramatic change in the developer's ability to service the debt.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Mike Cronk “Uncertainty surrounding a potential pass-through entity tax, investor tax treatment, or other unresolved fiscal issues will significantly impact current and prospective investors at a time when certainty is critical to advancing financing, commercial agreements, to and make final investment decisions.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Cathy Giessel “Article 9, Section 1 of our Constitution. Taxing power. The power of taxation shall never be surrendered. That's what the words say, Mr. President.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Bill Wielechowski “when this project goes into full development, we will be losing $462 million per year. That's not even inflation adjusted, Mr. President. Who knows what the number will be? That's according to Governor Don Levy's own Department of Revenue.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Gary Stevens “9 Yeas, 11 nays. By a vote of 9 yeas and 11 nays, Amendment 1 has failed to pass the Senate.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Gary Stevens “12 Yeas, 8 nays. And so by a vote of 12 yeas and 8 nays, Senate CS for CS for House Bill 381 Finance has passed the Senate.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Forrest Dunbar “the bill itself is geared around this date. This is not an arbitrary date. We know that the— as some folks call it, the kill switch, which reverts the bill back to the property tax system if there is no FID, that happens in 2028. Now, effectively what we are doing, if lease expenditures begin and construction begins, and those write-offs are occurring, and we've pushed this out another year, we have reduced oil revenue for that entire year to the tune of potentially tens or even hundreds of millions of dollars.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

Robert Myers “When you take our state corporate rate of 9.4%, which is what this amendment is proposing, add it in with our federal corporate rate of 21%— 21%. You end up with a corporate rate that is higher than the corporate rate being charged in Canada to a similar project. And that's with Canada already having a lower property tax than what we are proposing in the underlying bill. So what we're doing with this amendment is we're taking one of the few places that we're actually a little more competitive than Canada and we're getting rid of it.”

Alaska Legislature: Senate Floor Session - June 19, 2026 2:15pm · Jun 19, 2026

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