For those who are curious about the differences between HJR7 and SJR6. These are the Governor’s proposals to put the 5% POMV PFD formula in the constitution.
The House version (HJR7)would put a 5% POMV draw in the constitution and moves the earnings reserve account into the principal of the permanent fund. However, the formula that dictates how the 5% draw would be divided between the government and the people is left in statute. Also, HJR7 would put a provision in the constitution that any change to how the 5% draw is divided must be approved by a vote of the people. A companion bill to HJR7 is HB73, that would put a 50/50 split of the 5% draw in statute.
The Senate version (SJR6) when it was introduced, was identical to HJR7. However, the Senate Judiciary Committee adopted a committee substitute that would put the 50/50 spilt between the people and the government in the constitution, eliminating the vote of the people for any ratio changes. The reason the vote of the people would no longer be needed is because with the 50/50 split in the constitution, the legislature would not be able to change that ratio without passing another amendment to the constitution.
Hopefully this is helpful.
Please feel free to reach out with any questions or concerns that you have.
Rep.Christopher.Kurka@akleg.gov
(907)-465-4833
Original source can be found here.
