00                            HOUSE BILL NO. 411                                                                          
01 "An Act relating to school district personnel and salary enhancement for teachers who                                   
02 obtain master's degrees; establishing a supplemental income tax on oil revenue to                                       
03 support school district personnel; and creating an account titled 'Resource Revenue for                                 
04 Teachers' in the general fund."                                                                                         
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1.  AS 14.17 is amended by adding a new section to read:                                                 
07            Sec. 14.17.485. Resource revenue for teachers account. The resource                                        
08       revenue for teachers account is created as an account in the general fund. The                                    
09       legislature may appropriate funds in the account and interest accrued on those funds to                           
10       the Department of Education and Early Development for providing salary incentives                                 
11       for highly trained teachers under AS 14.20.221, or for any other public purpose.                                  
12    * Sec. 2. AS 14.20 is amended by adding a new section to read:                                                     
13            Sec. 14.20.221. Teacher salary bonus. (a) A school district shall pay an                                   
14       annual bonus of a minimum of $5,000 to a teacher who is employed by the school                                    

01       district full time for the school year and who teaches                                                            
02                 (1)  students in grades kindergarten through six and has acquired a                                     
03       master's degree in general education; or                                                                          
04                 (2)  seven through 12 and has acquired a master's degree in the specific                                
05       subject taught or a master's degree in education with an approved specialization in the                           
06       specific subject taught.                                                                                          
07            (b)  The department shall distribute funds to school districts for payment of                                
08       teacher salary bonuses owed under this section from funds appropriated by the                                     
09       legislature. If the appropriation is insufficient to pay all eligible teacher bonuses under                       
10       this section, the department shall distribute the available funds on a pro rata basis.                            
11            (c)  The funding appropriated for the payment of teacher salary bonuses under                                
12       this section is in addition to the base student allocation under AS 14.17.470.                                    
13            (d)  A school district is required to comply with the requirements of (a) of this                            
14       section only to the extent that funds have been appropriated to cover the cost of                                 
15       meeting those requirements.                                                                                       
16            (e)  In this section, "school district" has the meaning given to "district" in                               
17       AS 14.17.990.                                                                                                     
18    * Sec. 3. AS 43.20.011 is amended by adding a new subsection to read:                                              
19            (g)  In addition to the tax imposed under (e) of this section, a taxpayer engaged                            
20       in the production of oil from a lease or property in this state and whose business                                
21       income is subject to AS 43.20.072 shall pay an additional tax of 0.5 percent of the                               
22       taxpayer's taxable income. The department shall separately account for the revenue                                
23       obtained from the tax levied by this subsection in the account created under                                      
24       AS 14.17.485.