Legislature(2017 - 2018)SENATE FINANCE 532
05/02/2018 01:30 PM House CONFERENCE COMMITTEE ON SB26
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| Audio | Topic |
|---|---|
| Start | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 26 | TELECONFERENCED | |
CS FOR SENATE BILL NO. 26(FIN)
"An Act relating to an appropriation limit; relating
to the budget responsibilities of the governor;
relating to the Alaska permanent fund, the earnings of
the Alaska permanent fund, and the earnings reserve
account; relating to the mental health trust fund;
relating to deposits into the dividend fund; relating
to the calculation and payment of permanent fund
dividends; and providing for an effective date."
and
HOUSE CS FOR CS FOR SENATE BILL NO. 26(FIN)(efd fld H)
"An Act relating to an appropriation limit; relating
to the budget responsibilities of the governor;
relating to the Alaska permanent fund, the earnings of
the Alaska permanent fund, and the earnings reserve
account; relating to the mental health trust fund;
relating to deposits into the dividend fund; and
relating to the calculation and payment of permanent
fund dividends."
1:37:09 PM
Co-Chair Hoffman announced that the purpose of the meeting
was to release a working draft conference committee
substitute. There would be no action on the CS, but it
would be released to the public for further consideration
and discussion.
1:37:33 PM
LAURA CRAMER, STAFF, SENATOR ANNA MACKINNON discussed a
Sectional Analysis (copy on file):
Section 1: Legislative Findings and Intent language -
this language makes it clear that several sections in
the CS are technical and conforming in nature to
reflect a Supreme Court ruling
Section 2: Repeals language relating to the statutory
appropriation limit
Section 3: Conforming change relating to section 5
Section 4: Requires the Governor to submit a report to
the legislature on how the budget complies with the
constitutional appropriation limit
Section 5: Maintains language that was in both bodies
versions - relating to the deposits of rentals and
royalties at the 25percent constitutional level
Section 6: Conforming change relating to section 7 and
a grammatical change
Section 7: Sets the percent of market value
at 5.25percent
Section 8: Sets the percent of market value at
5percent starting July 1, 2021, in Section 18
Section 9: Clarifies that the amount available for
distribution from the ERA to the dividend fund is
appropriated - brings statutory language in line with
current practice and the Supreme Court decision
Section 10: Technical and conforming changes relating
to the Supreme Court decision and relating to Section
12 - an appropriation for inflation proofing is
considered a separate appropriation from the POMV
Section 11: Clarifying and conformation language -
Amerada Hess funds are not available for appropriation
Section 12: Specifies that the appropriation from the
earnings reserve account may not exceed the amount
available for appropriation under the POMV listed in
Section 7
Section 13: Clarifying language that the Permanent
Fund Corporation's budget doesn't lapse and shall be
treated as income and part of the market value of the
fund
Section 14: Clarifying and conforming language
Section 15: Technical and conforming language relating
to the Supreme Court decision
Section 16: Authorizes the Department of Revenue to
pay dividends without further appropriation
Section 17: Repeals the statutory appropriation limit
Section 18: Section 8 - the 5percent POMV takes effect
July 1, 2021
Section 19: Except for Section 18, this Act takes
effect July 1, 2018
1:40:42 PM
Co-Chair Hoffman announced that the CS was a draft, and
would be under further discussions in the caucuses and
offices. He announced that Co-Chair MacKinnon's office
would schedule the next meeting.
SB 26 was HEARD and HELD in committee for further
consideration.
| Document Name | Date/Time | Subjects |
|---|---|---|
| CCS SB 26 W Sectional.pdf |
JSB26 5/2/2018 1:30:00 PM |
SB 26 |
| SB 26 Work Draft Version W.pdf |
JSB26 5/2/2018 1:30:00 PM |
SB 26 |