Alaska Gov. Bill Walker is willing to call a special legislative session if lawmakers do not pass his tax or revenue proposals to address the growing budget deficit. The state Department of Revenue forecasts a dramatic drop in overall funding and predicts low oil prices will continue for several more years.

To help shrink the multi-billion dollar deficit, Walker proposed tax increases, including the reinstitution of a personal income tax. He also suggested restructuring the use of the Alaska Permanent Fund earnings to change how the annual dividends most Alaskans receive are calculated.

The regular legislative session is set to adjourn April 17.

Photo of Gov. Bill Walker by James Brooks on Wikimedia Commons.