ANCHORAGE, Alaska, July 13 (Reuters) - Critics of anoil-industry tax cut handed a petition with 50,000 signatures toAlaska state officials on Saturday, more than enough to force areferendum that would overturn a new oil tax law.
The bill, approved by the legislature three months ago,replaces taxes tracking oil prices with a cap on tax at 35percent of net profits. Expectations for the new system were fora likely tax range from about 14 percent to about 20 percent.
"This bill that they passed is against the interests ofAlaska," Vic Fischer, a former state senator and one of twosurviving authors of the Alaska constitution, told a group ofabout 50 banner-waving tax-cut opponents gathered outsidegovernment offices in Anchorage.
Referendum supporters, organized in a group called "Vote Yes- Repeal the Giveaway", needed 30,169 signatures of registeredvoters - 10 percent of the total turnout in the last statewideelection - to qualify their measure for the 2014 ballot.
Leading oil producers in Alaska include BP Plc,ConocoPhillips and Exxon Mobil Corp.
Governor Sean Parnell, sponsor of the new tax, argued thatsteep cuts in oil taxes were needed to lure industry investmentaway from North Dakota and other booming oil-producing areas. Hedubbed the bill the "More Alaska Production Act".
Opponents say the tax cuts are too steep, will cost thestate $4.5 billion in lost revenues over five years, and donothing to reverse North Slope production declines that they sayare inevitable as the area's main oil fields age.