Senate proposal seeks law setting oil-wealth draw rates

April 6, 2018

Alaska Senate Finance Committee Co-Chairs Lyman Hoffman, left, and Anna MacKinnon speak to reporters during a news conference on Thursday, April 5, 2018, in Juneau, Alaska. The committee is working on a school funding bill and its version of the state operating budget. (AP Photo/Becky Bohrer)

JUNEAU, Alaska (AP) — A Senate committee is proposing that Alaskans receive $1,600 checks from the state’s oil-wealth fund this year, the same as the House.

But the Senate Finance Committee is also pushing for a law establishing a long-term draw rate from the fund’s earnings to pay for state government and the yearly checks to residents.

The committee has proposed funding education for the next two years. Advance funding for year two would be contingent upon passage of a law setting a draw rate from Alaska Permanent Fund earnings.

School funding has been a priority for House leaders, who want to give districts more certainty for planning.

However, House leaders have been cool to setting a permanent fund draw in law without addressing oil or other taxes as part of a fiscal plan.

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