JUNEAU - The state House agreed Tuesday to ask voters if they would approve a plan to stash surplus oil revenues in an income-generating endowment.
The measure, sponsored by Anchorage Republican Ralph Samuels, would sink all of the windfall profits from a new surcharge tax on oil into the state's savings account, the Constitutional Budget Reserve.
It would be invested to spin off revenue. Lawmakers could spend no more than 5 percent of the fund's value each year.
It would require amending the constitution, which needs a vote of the people.
Opponents said the state could be in a financial bind without the savings account if oil prices fall.
The measure passed 30-7. It now goes to the Senate after possible reconsideration by the House.
© 2017. All Rights Reserved. | Contact Us