Bill would protect Permanent Fund assets

House Bill 165, introduced in the state House on Wednesday, April 7, would place billions of dollars into the principal of the Alaska Permanent Fund so the money cannot be spent down to subsidize large budget deficits.

“This bill sweeps a huge amount of cash off the table that is at grave risk of being spent down by the Legislature in order to avoid tough decisions that will balance Alaska’s budget,” said Rep. Jonathan Kreiss-Tomkins, D-Sitka, who introduced the measure.

Funds placed in the Permanent Fund’s principal account are constitutionally protected and can be accessed only with the direct approval of Alaska voters.

The bill was referred to the Ways and Means and Finance committees for consideration.

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