CSHJR 28(JUD): Proposing amendments to the Constitution of the State of Alaska relating to the production tax revenue fund, dedicating a portion of the petroleum production tax to the fund, and limiting appropriations from the fund.
00 CS FOR HOUSE JOINT RESOLUTION NO. 28(JUD) 01 Proposing amendments to the Constitution of the State of Alaska relating to the 02 production tax revenue fund, dedicating a portion of the petroleum production tax to 03 the fund, and limiting appropriations from the fund. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, Constitution of the State of Alaska, is amended by adding a new 06 section to read: 07 Section 18. Production Tax Revenue Fund. (a) There is established as a 08 separate fund in the State treasury the production tax revenue fund. Except for money 09 deposited into the budget reserve fund under Section 17(a) of this article, all money 10 received by the State after June 30, 2007, and before January 1, 2015, that is 11 attributable to an oil and gas production tax levied at a rate that increases as the 12 taxable value of the oil or gas increases and that is in addition to the money received 13 by the State that is attributable to the nominal or base oil and gas production tax rate 14 shall be deposited into the production tax revenue fund. Money in the production tax 15 revenue fund shall be invested so as to yield competitive market rates to the fund.
01 Income of the fund shall be retained in the fund. Section 7 of this article does not 02 apply to deposits made to the fund under this subsection. 03 (b) Appropriations of money may be made to the production tax revenue fund 04 at any time. Money appropriated to the fund shall be treated the same as money 05 deposited to the fund under (a) of this section. 06 (c) Beginning on July 1, 2013, and on July 1 of each year thereafter, an 07 amount equal to five percent of the average of the fiscal year-end market values of the 08 production tax revenue fund for the first five of the preceding six fiscal years shall be 09 transferred from the production tax revenue fund to the general fund. No other 10 transfers or appropriations may be made from the fund. 11 * Sec. 2. Article XV, Constitution of the State of Alaska, is amended by adding a new 12 section to read: 13 Section 30. Production Tax Revenue Fund: Transition. Notwithstanding the 14 2008 amendment relating to transfers from the production tax revenue fund (art. IX, 15 sec. 18(c)) the amount to be transferred to the general fund on 16 (1) July 1, 2013, equals five percent of the average of the fiscal year- 17 end market values of the production tax revenue fund for fiscal years 2009, 2010, and 18 2011; and 19 (2) July 1, 2014, equals five percent of the average of the fiscal year- 20 end market values of the production tax revenue fund for fiscal years 2009, 2010, 21 2011, and 2012. 22 * Sec. 3. The amendments proposed by this resolution shall be placed before the voters of 23 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 24 State of Alaska, and the election laws of the state.