The Alaska Permanent Fund Corp. has rejected a proposal from Gov. Bill Walker’s administration to invest in state oil tax credits.
Former Attorney General Craig Richards presented the idea to the fund’s board earlier this month. The administration is looking for ways to ease the pain for smaller oil companies after the governor vetoed $430 million in credits that companies expected would be paid this year.
The Permanent Fund board said in a statement that the expected returns “do not justify taking on the associated risks.”