Opponents of the measure said they feared a budget crisis. Supporters said it would spur lawmakers to rewrite the PFD formula.
Rep. Ben Carpenter, R-Nikiski, speaks on the House floor on Feb. 28, 2024 during debate on House Joint Resolution 7.
For decades, the state paid out Permanent Fund dividends based on a formula in state law. That changed in 2016 when Gov. Bill Walker vetoed half of the payout. The Alaska Supreme Court upheld the veto, saying the PFD had to compete for money in the budget just like any other state program. And ever since, the PFD has been the subject of intense debate during the legislative session.
“This creates a billion-dollar instant deficit,” Josephson said. “This is sort of like, press green button, create fiscal crisis.”“I think it’s correct. It will, if passed, it will cause a crisis,” said Mike Prax, R-North Pole. “I’m just not certain that there’s the will in the body to actually address this, and I would like to know that,” Sumner said.
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