April 29, 2004
HB 298 designates how funds from the endowment revenue stream would be used. The bill establishes a 50-45-05 percent split between dividends, public education (K-12 and the university), and local communities, respectively.
"House bill 298 is a crucial part of the package that includes the constitutional spending limit and HJR 26, the endowment method of managing the Permanent Fund," Murkowski said. "The House has made a wise choice in putting the split in statute, where, for the first time, the percentage is spelled out and protected.
"I also appreciate that the House has used an effective date that is tied directly to passage of the endowment amendment to the constitution. There should be no doubt in any voter's mind as to what percentages the Legislature would apply to the use of the revenue generated from the Permanent Fund income. This bill provides that assurance. I am very pleased by the effort put forth on this bill, and the excellent progress being made on the package as a whole."
In addition to HB 298, the
endowment proposed in HJR 26, and the spending limit proposed
in HJR 9, Murkowski said another important component of the package
will be an appropriation to take an in-depth look at oil taxes
between now and next January.
Source of News Release: