CSHJR 49(STA): Proposing amendments to the Constitution of the State of Alaska to guarantee the permanent fund dividend, to provide for inflation proofing of the permanent fund, and to require a vote of the people before changing the statutory formula for distribution of permanent fund income that existed on January 1, 2000; and providing for an effective date.
00CS FOR HOUSE JOINT RESOLUTION NO. 49(STA) 01 Proposing amendments to the Constitution of the State of Alaska to guarantee the 02 permanent fund dividend, to provide for inflation proofing of the permanent fund, 03 and to require a vote of the people before changing the statutory formula for 04 distribution of permanent fund income that existed on January 1, 2000; and 05 providing for an effective date. 06 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. This resolution shall be known as an amendment to guarantee the permanent 08 fund dividend, to provide for inflation proofing of the permanent fund, and to require a vote 09 of the people before changing the statutory formula for distribution of permanent fund income 10 that existed on January 1, 2000. 11 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 12 Section 15. Alaska Permanent Fund. At least twenty-five per cent of all 13 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 14 payments and bonuses received by the State shall be placed in a permanent fund, the
01 principal of which shall be used only for those income-producing investments 02 specifically designated by law as eligible for permanent fund investments. All income 03 from the permanent fund shall be distributed as provided for by statutory formula 04 that existed on January 1, 2000 (AS 37.13.140 and 37.13.145) [DEPOSITED IN 05 THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW]. 06 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 07 section to read: 08 Section 30. Effective Date of Permanent Fund Amendment. The 2000 09 amendment to the Alaska permanent fund (art. IX, sec. 15) takes effect on the day 10 after the date of a final decision by the Internal Revenue Service deciding that, under 11 the language of the 2000 amendment, the income of the permanent fund will not be 12 subject to federal taxation while it is under the control of the State or an entity of the 13 State. In this section, "final decision" means a ruling, order, or decision that cannot 14 be appealed to the Internal Revenue Service because the ruling, order, or decision may 15 not be appealed to the agency, all possible appeals to the agency have been taken, or 16 the time for taking an appeal to the agency has expired without appeal. 17 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 18 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 19 State of Alaska, and the election laws of the state.