(Reuters) - Revelations in the criminal case against executives of Anchorage-based VECO Corp., the state's largest oil-field-service company, and some past and current lawmakers show that the new tax system -- known as the petroleum profits tax, or PPT -- is hopelessly flawed, said some legislators.
"I think we now know it doesn't work, and we now know it's tainted," said state Rep. Les Gara of Anchorage, one of a group of Democratic lawmakers calling for a special legislative session to fix the oil-tax system.
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