HB 117: "An Act increasing the amount that the legislature may appropriate from certain oil and gas production taxes to the community revenue sharing fund."
00 HOUSE BILL NO. 117 01 "An Act increasing the amount that the legislature may appropriate from certain oil 02 and gas production taxes to the community revenue sharing fund." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.60.850(b) is amended to read: 05 (b) Each fiscal year, the legislature may appropriate to the community revenue 06 sharing fund an amount equal to 20 percent of the money received by the state during 07 the previous calendar year under AS 43.55.011(g). The amount may not exceed 08 (1) $90,000,000 [$60,000,000]; or 09 (2) the amount that, when added to the fund balance on June 30 of the 10 previous fiscal year, equals $270,000,000 [$180,000,000]. 11 * Sec. 2. AS 29.60.855(a) is amended to read: 12 (a) The department shall calculate the basic amount used for determining the 13 basic community revenue sharing payment for a fiscal year by applying the following 14 formula: the amount available for payments for that fiscal year under AS 29.60.850(c),
01 minus 90,000,000 [60,000,000], divided by 90,000,000 [60,000,000], plus one, 02 multiplied by 576,000 [384,000]. However, if the amount calculated is less than 03 $220,000, the basic amount for that fiscal year is $220,000.