Alaska’s proposed liquefied natural gas (LNG) pipeline cleared a major legislative hurdle on Wednesday when the House Finance Committee unanimously advanced a property‑tax exemption bill. developer Glenfarne says the measure could unlock a $44.5‑$54.5 billion project, pending full legislative approval.

House Finance Committee Unanimously Passes Volumetric Tax Bill

The bipartisan committee voted 7‑0 to move the exemption bill forward, citing the need for a “financeable tax structure” that still protects long‑term state and community revenue. according to the report, the legislation is designed to give developers certainty while promising “thousands of good‑paying jobs” and broader economic benefits .

Legislative Path: 21‑Vote Majority Needed in the House

After committee approval,the bill heads to the full House for second and third readings, where any of the 40 lawmakers can propose amendments. A simple majority of 21 votes is required for passage; the current bipartisan majority caucus holds exactly that number , making the next step a tight procedural test.

Senate Review and Potential Governor Action

If the House passes the measure, the Senate will repeat the committee‑to‑floor process, and any Senate changes would trigger a House concurrence vote. Once both chambers approve, the bill reaches Governor Mike Dunleavy, who has 15 days to sign, veto, or let it become law without a signature, per the state’s procedural timeline.

Project Scale: $44.5‑$54.5 B Investment in North Slope Gas

The LNG pipeline aims to tap the North Slope’s natural gas reserves, converting them into export‑ready liquefied form.. Estimates place the total cost between $44.5 billion and $54.5 billion, a figure that underscores the project's potential to reshhape Alaska’s economy if financing hurdles are cleared.

Who Still Holds the Cards? Unanswered Details on Funding Sources

The source does not specify which private investors or lenders are lined up to fund the pipeline, nor does it reveal the exact tax exemption rate that would be applied. Additionally, the timeline for final legislative approval remains unclear, leaving stakeholders uncertain about when construction could truly begin.