ADN, by Nathaniel Herz.   The latest showdown in the Legislature’s interminable oil tax fight has loomed large in the extended session, with Senate Republicans and a bipartisan group of House members at odds over limiting Big Oil tax credits.

The House coalition says rising oil prices won’t fully restore the ravaged Alaska treasury as long as those credits are in place. Senate Republicans, backed by the state’s four major oil producers, say credits are necessary to promote Alaska’s economy.

If oil prices follow the forecast of the administration of Gov. Bill Walker, the companies are projected to pay effectively zero production taxes over the next few years while building up a $750 million supply of tax credits by mid-2018 — carry-forward credits that can be used to offset future tax bills.

The credit projections have drawn alarm from Walker’s administration and from the Democrats and moderate Republicans who voted for an oil-tax reform measure that passed the House this month.