House Ways and Means Committee introduces and conducts hearing on constitutional amendments to answer the permanent fund dividend question

• News Home
• More from News of the North

Wednesday, March 8th, 2023 7:15am

• Share on Facebook
• Share on Messenger
• Share on Messenger
• Share on Twitter
• Share on Whatsapp

Juneau, Alaska (KINY) - In an effort to positively impact the wallets of Alaskans for years to come, the House Ways and Means Committee has sponsored and introduced not one, but two constitutional amendments to establish a plan of action for the Permanent Fund Dividend.

House Joint Resolution 7 and House Joint Resolution 8 offer two intriguing options for the future of the dividend, and the committee is analyzing both approaches. If passed by 2/3 of each legislative body, the resolution would then go before the voters for ratification.

HJR 7 guarantees a dividend payment, based on the formula that is already in statute. This would give Alaskans peace of mind that their dividend would not be threatened, while still allowing for the formula to be adjusted as needed.

HJR 8 takes a different approach, rolling the earnings reserve account into the corpus of the permanent fund to protect it, and constitutionalizing the 5% Percent of Market Value (POMV) over a five-year average. This would offer a stable, predictable dividend payment that would either be 50% of the POMV or the statutory calculation, whichever is greater.

“I am honored to be part of this committee and excited about finally seeing the work of the Fiscal Policy Working Group come to fruition. Alaska needs fiscal certainty. I am hopeful that HJR7 and HJR 8 are the first steps down that path,” said Rep. Kevin McCabe (R-Big Lake).

House Ways and Means Chair Ben Carpenter (R-Nikiski) stated: “Securing the PFD program in the Alaska Constitution will create stability for Alaskans and ensure the prosperity of the Permanent Fund for generations of Alaskans to come. Taking the PFD away from the budget process will no longer permit lawmakers to spend Alaskans’ money while avoiding their obligation to address the shortcomings of Alaska’s fiscal and economic plan.”

The fate of the dividend is just one piece of Alaska's long-term fiscal plan, and the committee will continue to analyze additional measures that could offer solutions to these challenges

 

More from News of the North

• Governor Dunleavy names Board of Fisheries and Board of Game Appointees

  Anchorage, Alaska (KINY) - Governor Mike Dunleavy appointed four Alaskans to fill open seats on the Alaska Board of Game and the Alaska Board of Fisheries and made two reappointments to the Board of Game. All appointments begin on Jul. 1, 2023.

• Inadequate training and a fatal U-turn cost Alaska government $3 million, settlement documents say

  Juneau, Alaska (Alaska Beacon) - The state of Alaska will pay $3 million to the family of a man killed in a 2018 traffic accident caused when an Alaska state trooper made an abrupt U-turn in front of him.

• Anchorage couple indicted for fentanyl overdose of six-month-old infant

  Anchorage, Alaska (KINY) - On Tuesday, an Anchorage grand jury indicted Albert A. Clark and Eike M. Larson on a lead charge of assault in the first degree.

• Weyiouanna enters plea deal in 2018 stabbing murder

  Anchorage, Alaska (KINY) - Simon Weyiouanna pleaded guilty Mar. 31 to murder in the second degree for the 2018 stabbing death of Cheri Ingram. The State entered into a plea agreement with Mr. Weyiouanna for a sentence of 75 years with 25 suspended, and 50 years to serve.

• Alaska Native Scouts feted 67 years after rescuing Navy crew

  Gambell, Alaska (AP) - Bruce Boolowon, then a lean 20-year-old, and a group of friends were hunting for murre eggs in a walrus skin boat on a remote Alaska island in the Bering Strait when they saw a crippled airplane flying low.

• University of Alaska Anchorage Robotics the sole Alaska team to go to World Championship

  Anchorage, Alaska (KINY) - Robotics Education & Competition (REC) Foundation’s 16th annual VEX Robotics World Championship will be back in Dallas to showcase the talent of student competitors from Apr. 25 to May 4.

• Update: Capital City Fire Rescue responded to a fatal structure fire, investigation ongoing

  Juneau, Alaska (KINY) - CCFR responded to a structure fire on Engineers Cutoff Rd. on Thursday, Mar. 30.

• Juneau Police Department investigates possible threat

  Juneau, Alaska (KINY) - On Friday, Mar. 31 at about 6:45 a.m., the Juneau Police Department received a report from a business in the 600 block of Willoughby Ave, regarding a note being found in the store that indicated a possible general threat against children.

• Official News of The North Retraction regarding SEACC and SEACC United

  Juneau, Alaska (KINY) - Yesterday afternoon, News of The North published a story regarding the Southeast Alaska Conversation Council or SEACC and SEACC United.

• Board of Education selects Frank Hauser as the next Superintendent

  Juneau, Alaska (KINY) - On Friday, Mar. 31, the Board of Education selected Frank Hauser to be the next Superintendent of the Juneau School District.

• Ketchikan Grand Jury indicts two young adults, one juvenile in 80 year old’s death after Facebook post

  Ketchikan, Alaska (KINY) - A Ketchikan grand jury indicted two young adults and one juvenile on multiple charges Thursday for the death of 80-year-old Lincoln Peratrovich on Mar. 21 in the community of Klawock on Prince of Wales Island, 56 miles from Ketchikan.

• Alaska Federation of Natives now accepting nominations for 2023 President's Awards

  Anchorage, Alaska (KINY) - The Alaska Federation of Natives is now accepting nominations for the annual President's Awards, which will be presented at the 2023 AFN Convention, Oct. 19-21, in Anchorage.