Published: March 19th, 2008 12:14 AM
Last Modified: March 19th, 2008 12:42 AM
JUNEAU -- The state House has agreed to ask voters if they would approve a plan to stash surplus oil revenues in an income-generating endowment.
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The measure, sponsored by Anchorage Republican Ralph Samuels, would sink all of the windfall profits from a new surcharge tax on oil into the state's savings account, the Constitutional Budget Reserve.
It would be invested to spin off revenue. Lawmakers could spend no more than 5 percent of the fund's value each year.
It would require amending the constitution, which needs a vote of the people.
Opponents say the state could be in a financial bind without the savings account if oil prices fall.
The measure passed 30-7 on Tuesday. It now goes to the Senate after possible reconsideration by the House.
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