Legislature(2023 - 2024)BARNES 124
03/25/2024 01:00 PM House RESOURCES
Note: the audio ![]()
and video ![]()
recordings are distinct records and are obtained from different sources. As such there may be key differences between the two. The audio recordings are captured by our records offices as the official record of the meeting and will have more accurate timestamps. Use the icons to switch between them.
| Audio | Topic |
|---|---|
| Start | |
| HB295 | |
| Presentation(s): Regulatory Commission of Alaska | |
| HB359 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 359 | TELECONFERENCED | |
| += | HB 349 | TELECONFERENCED | |
| += | HB 295 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| + | TELECONFERENCED |
HB 359-ONE-TIME PFD PAYMENT
2:06:01 PM
CHAIR MCKAY announced that the final order of business would be
HOUSE BILL NO. 359, "An Act relating to the permanent fund
dividend and a one-time permanent fund dividend payment and land
voucher; and providing for an effective date."
2:06:29 PM
The committee took a brief at-ease at 2:06 p.m.
2:06:43 PM
REPRESENTATIVE RAUSCHER moved to adopt the proposed committee
substitute (CS) for HB 359, Version 33-LS1292\B, Nauman,
3/15/24, as the working document.
2:07:15 PM
REPRESENTATIVE MEARS objected for the purpose of discussion.
2:08:02 PM
TREVOR JEPSEN, Staff, Representative Tom McKay, on behalf of
Representative Mike Cronk, prime sponsor, gave the summary of
changes under the proposed CS for HB 359 [included in the
committee packet], which read as follows [original punctuation
provided]:
Summary of Changes CS for House Bill 359(RES)
Permanent Fund Dividend Buy-Out
Title: "An Act relating to the permanent fund dividend
and a permanent fund dividend buy-out; and providing
for an effective date"
Slight title changes to account for change in payment
from a one-time lump sum to a three-year buyout
program.
Sec. 1 Removes section 1 of HB 359 version A
(Permanent Fund Dividend Land Vouchers) and replaces
with a modified version of HB 359 version A section 2
that conforms the language to account for three PFD
buy-out payments instead of a one-time lump sum
payment.
Sec. 2 Amended version of HB 359 version A section 3
which defines the PFD payout as three $5,000.00
payments in addition to three regular PFD payments
distributed over a three-year period (2026-2028)
instead of a one-time lump-sum payment.
Sec. 3 Amended version of HB 359 version A section 4
with conforming language to reflect the three-year
buy-out program as compared to the one-time payment.
Sec. 4 Same as section 5 in HB 359 version A
2:09:43 PM
A roll call vote was taken. Representatives McCabe, Baker,
Rauscher, Saddler, Wright, and McKay voted in favor of adopting
the proposed CS for HB 359, Version 33-LS1292\B, Nauman,
3/15/24, as the working document. Representatives Armstrong,
Mears, and Dibert voted against it. Therefore, Version B was
before the committee by a vote of 6-3.
2:11:04 PM
REPRESENTATIVE MEARS shared her concern that Version B would
negatively affect Alaskans who live in the state versus
individuals who might want to move to Alaska to abuse the
permanent fund dividend (PFD).
2:12:41 PM
DAVE STANCLIFF Staff, Representative Mike Cronk, on behalf of
Representative Mike Cronk, prime sponsor, answered committee
questions regarding HB 359, Version B. He said that no one can
know exactly what part of the demographic will benefit from the
proposed legislation and explained how the option to receive a
lump sum PFD might be beneficial for senior Alaskans or younger
families.
2:16:02 PM
CODY RICE, Professional Assistant, House Majority Office, on
behalf of Representative Mike Cronk, prime sponsor, answered
committee questions regarding HB 359, Version B. He shared a
specific data set that he prepared for the committee meeting
that highlighted how the proposed PFD distribution policies
could be implemented without risk of the PFD recipient leaving
Alaska or the State Treasury running out of money too quickly.
2:18:23 PM
REPRESENTATIVE ARMSTRONG reiterated that behavioral economics
indicate that a majority of people would choose to receive a
lump sum check rather than a delayed distribution and asked why
Version B is a good idea in the first place.
2:18:43 PM
MR. RICE confirmed Representative Armstrong's knowledge of
behavioral economics.
2:20:04 PM
MR. STANCLIFF added that Version B was being proposed to create
an option for residents that would prefer a lump sum PFD. He
said that some Alaskans are worried about the future of the
state and opined that Version B could create hope for those
people feeling uncertain about living in Alaska.
2:22:20 PM
REPRESENTATIVE MEARS asked if the proposed lump sum PFD would be
subject to federal income taxes.
2:22:39 PM
MR. RICE said that he did not know whether or not the proposed
lump sum PFD would be subject to federal taxes.
2:23:32 PM
REPRESENTATIVE SADDLER hypothesized about an individual who is
allowed to sell their rights to any future PFD they might be
eligible to receive and asked how the $15,000 figure mentioned
under Version B was attained.
MR. RICE answered that he was unsure if the PFD was
transferrable.
2:25:30 PM
MR. STANCLIFF added that the $15,000 figure was the product of
"a lot of discussion."
2:26:31 PM
REPRESENTATIVE RAUSCHER asked if the "Pick.Click.Give" program
would be included with the proposed lump sum PFD.
2:27:01 PM
MR. STANCLIFF assured Representative Rauscher that the
Pick.Click.Give program would be retained under the provisions
of Version B.
2:27:40 PM
CHAIR MCKAY shared his agreement with Representative Mears that
Version B should be deliberated further.
2:29:57 PM
CHAIR MCKAY announced that HB 359, Version B was held over.
| Document Name | Date/Time | Subjects |
|---|---|---|
| CSHB 359(RES) 33-LS1292B.pdf |
HRES 3/25/2024 1:00:00 PM |
HB 359 |
| CSHB 359(RES) 33-LS1292B Summary of Changes .pdf |
HRES 3/25/2024 1:00:00 PM |
HB 359 |
| HB 295 Amendment #1 (H)RES.pdf |
HRES 3/25/2024 1:00:00 PM |
HB 295 |
| RCA Presentation for HRES 3.25.24 V2.0.pdf |
HRES 3/25/2024 1:00:00 PM |