Legislature(2017 - 2018)
2017-01-18 House Journal
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Full Journal pdf2017-01-18 House Journal Page 0051 · Add a new section, AS 37.13.146, to provide that the Legislature may appropriate for the payment of dividends from the general fund based on an amount equal to 20 percent of the POMV draw and 20 percent of the mineral royalties received by the State. For the next two years, the dividend would be set at $1,000. Thereafter, the new formula would go into effect, resulting in a dividend of approximately $1,000 into the future. · Change the inflation-proofing mechanism by providing that the Legislature may appropriate any amount in the earnings reserve that exceeds the annual POMV draw multiplied by four to Permanent Fund principal. This will ensure that a sufficient amount of funds remains in the earnings reserve account for the POMV draw, while also continuing to build up the principal of the Permanent Fund over time. · Add a new section reducing the annual draw from the earnings reserve account to the general fund if the State receives more than $1.2 billion in mineral royalties and oil and gas production taxes in a fiscal year. Finally, the bill seeks to amend the uncodified law to express the intent of the Legislature that the Legislature reevaluate the use of Permanent Fund earnings as provided for in this bill in three years. Upon becoming law, the bill would become effective immediately. I urge your prompt and favorable action on this measure. Sincerely, /s/ Bill Walker Governor" HB 62 HOUSE BILL NO. 62 by Representative Pruitt, entitled: "An Act relating to the adoption of regulations; and providing for an effective date."