Editing Alaska (section)

===Taxes===
To finance state government operations, Alaska depends primarily on petroleum revenues and federal subsidies. This allows it to have the lowest individual tax burden in the United States.<ref>CNN Money (2005). "How tax friendly is your state?" Retrieved from [https://money.cnn.com/pf/features/lists/taxesbystate2005/index.html CNN website] {{Webarchive|url=https://web.archive.org/web/20170913132712/https://money.cnn.com/pf/features/lists/taxesbystate2005/index.html |date=September 13, 2017 }}.</ref> It is one of five states with no [[sales tax]], one of seven states with no individual [[income tax]], and—along with [[New Hampshire]]—one of two that has neither.<ref>{{cite news |url=https://www.newsday.com/business/12-states-with-either-no-income-or-sales-taxes-include-texas-florida-washington-1.13826242 |title=12 states that have either no income or sales taxes |newspaper=Newsday |access-date=February 14, 2019 |archive-url=https://web.archive.org/web/20190215050630/https://www.newsday.com/business/12-states-with-either-no-income-or-sales-taxes-include-texas-florida-washington-1.13826242 |archive-date=February 15, 2019 |url-status=live }}|</ref> The Department of Revenue Tax Division<ref>{{cite web |url=https://www.Tax.alaska.gov |title=Alaska Department of Revenue |publisher=Tax.state.ak.us |access-date=June 10, 2010 |archive-url=https://web.archive.org/web/20100610221601/http://www.tax.alaska.gov/ |archive-date=June 10, 2010 |url-status=dead }}|</ref> reports regularly on the state's revenue sources. The department also issues an annual summary of its operations, including new state laws that directly affect the tax division. In 2014, the [[Tax Foundation]] ranked Alaska as having the fourth most "business friendly" tax policy, behind only [[Wyoming]], [[South Dakota]], and [[Nevada]].<ref>{{cite web|url=http://taxfoundation.org/blog/how-friendly-your-states-tax-system-tax-foundations-2014-state-business-tax-climate-index |title=How Friendly Is Your State's Tax System? The Tax Foundation's 2014 State Business Tax Climate Index |publisher=The Tax Foundation |access-date=May 25, 2014 |archive-url=https://web.archive.org/web/20100712120414/http://www.taxfoundation.org/research/topic/11.html |archive-date=July 12, 2010 |url-status=live |date=October 9, 2013 }}</ref>

While Alaska has no state sales tax, 89 municipalities collect a local sales tax, from 1.0 to 7.5%, typically 3–5%. Other local taxes levied include raw fish taxes, hotel, motel, and bed-and-breakfast 'bed' taxes, [[severance tax]]es, liquor and tobacco taxes, gaming (pull tabs) taxes, tire taxes and fuel transfer taxes. A part of the revenue collected from certain state taxes and license fees (such as petroleum, aviation motor fuel, telephone cooperative) is shared with municipalities in Alaska.

The fall in oil prices after the [[Hydraulic fracturing in the United States|fracking boom]] in the early 2010s has decimated Alaska's state treasury, which has historically received about 85 percent of its revenue from taxes and fees imposed on oil and gas companies.<ref>{{cite web |last1=Cohn |first1=Scott |title=Alaska, Shackled with a 'Grave' Budget Crisis, is America's Worst State for Business |url=https://www.cnbc.com/2018/06/29/alaska-is-americas-worst-state-for-business-in-2018.html |website=CNBC |date=July 10, 2018 |access-date=August 14, 2020 |archive-date=July 10, 2018 |archive-url=https://web.archive.org/web/20180710145538/https://www.cnbc.com/2018/06/29/alaska-is-americas-worst-state-for-business-in-2018.html |url-status=live }}</ref> The state government has had to drastically reduce its budget, and has brought its budget shortfall from over $2&nbsp;billion in 2016 to under $500&nbsp;million by 2018. In 2020, Alaska's state government budget was $4.8&nbsp;billion, while projected government revenues were only $4.5&nbsp;billion.<ref>{{cite web |last1=Garber |first1=Jonathan |title=Plunging oil prices, coronavirus fuel budget crisis in petroleum-rich Alaska |url=https://www.foxbusiness.com/markets/plunging-oil-prices-alaska-budget-crisis |website=Fox Business |date=May 8, 2020 |access-date=August 14, 2020 |archive-date=May 10, 2020 |archive-url=https://web.archive.org/web/20200510201821/https://www.foxbusiness.com/markets/plunging-oil-prices-alaska-budget-crisis |url-status=live }}</ref>