Last checked at 
By Steve Quinn
JUNEAU, Alaska, Aug 20 (Reuters) - Alaska voters looked ontrack to narrowly uphold a new law that cuts taxes on oilproduction and is worth up to $1 billion a year to companiessuch as ConocoPhillips, BP Plc and Exxon MobilCorp.
With 80 percent of voting precincts reporting results inTuesday's primary, those favoring the law held a four-pointlead, according to unofficial returns posted by the AlaskaDivision of Elections.
Upholding the 8-month-old tax reduction ushered in byGovernor Sean Parnell means the state would not revert back tothe system implemented by his old boss, Sarah Palin, who raisedtaxes in 2007.
Results will not be certified until Sept. 2, said stateelections director Gail Fenumiai, who added that nearly 11,000absentee ballots needed to be counted over the next 10 days.
Parnell, who claimed his own victory in the state'sRepublican primary election on Tuesday night, has said his taxrollback will make Alaska more competitive for investment andNorth Slope oil producers. He called the More Alaska ProductionAct crucial to the state's long-term future because it wouldreverse declining output.
Repeal backers got on the ballot last year with a petitionfeaturing 50,000 signatures shortly after Parnell signed SenateBill 21. They have faced opposition that has raised close to $15million compared with their several hundred thousand dollars.
Those pushing for the repeal said Parnell's system only putmore money in the oil companies' pockets for investmentelsewhere while depleting the state's fiscal war chest. (Reporting by Steve Quinn in Juneau, Alaska; Writing by Eric M.Johnson; Editing by Lisa Von Ahn)
