Update on Senate Bill 26
Senate Bill 26: What Is It All About?
Today the Legislature passed a bill, SB 26, to prevent government overspending and cap the amount that can be drawn from our state’s earnings reserve account. Old versions of this bill included damaging income tax provisions, industry tax hikes and lowered amounts for the Permanent Fund Dividend. Those provisions are no longer in this bill. After listening to Alaskans and our experts at the Permanent Fund Corporation, it became clear to us that the most important measure to pass this year is a spending cap to prevent future budgets from jeopardizing the health of the PFD and the overall Permanent Fund.
What SB 26 does:
– Maintains the current formula for the PFD
– Caps the amount of the state’s assets that can be used to fund government
– Helps protect the value of the Permanent Fund by preserving inflation proofing provisions
These three provisions set a solid structure for the state moving forward and protect the PFD for future generations of Alaskans. This is a totally different bill than Alaskans have seen previously, and our office is here to answer any questions you might have! Please feel free to give us a call, or shoot us an email with anything we can help with.
All my best,