An income tax would raise $200 Million, not even close to enough to pay oil tax credits.

Seaton was on the right track with this...

"Rep. Paul Seaton of Homer introduced a measure last weekend to change a state accounting method that allows oil companies to deduct losses from out-of-state operations against the corporate income taxes they pay in Alaska.

House Bill 191 would return the state to the "separate accounting" method it once used, when accountants determined the oil companies' tax rates using only in-state profits. The measure would end the state's current "worldwide apportionment" method of taxing global profits"

http://www.adn.com/politics/article/saying-alaska-has-lost-billions-republican-lawmaker-proposes-change-oil-industrys/20...