image: AP Photo/Becky Bohrer

Senate proposal seeks law setting oil-wealth draw rates

April 6, 2018

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.

Read More on Penn Energy