The nonpartisan Legislative Finance Division said on Friday that, at present levels of spending and with a $2,700 Permanent Fund dividend, the state budget runs a deficit of about $560 million in fiscal year 2024. (From alaskabeacon)
Sen. Bill Wielechowski, D-Anchorage, smiles during a meeting of the budget conference committee on Tuesday, May 17, 2022, in the Alaska State Capitol.
“We have to fund our basic services,” Wielechowski said. “And that’s to the benefit of the industry as well. So if the industry doesn’t support this, and they have a better solution, I’m all ears.”Alexei Painter, director of the nonpartisan Legislative Finance Division,that under the state’s new revenue forecast, at present levels of spending and with a $2,700 Permanent Fund dividend, the state budget runs a deficit of about $560 million in fiscal year 2024, which starts July 1.
The 75-25 is on the low end of several new dividend formulas under discussion in the Capitol this year, and some lawmakers are wary of going low because dividend reductions act as a regressive tax: Because all Alaskans receive the same dividend, it comprises a higher share of poor Alaskans’ incomes, so a reduction in its amount is a bigger hit to them.
“I think we’re starting the process now to figure out if this is the best way to go about it,” she said.“All the research I’ve done about a sales tax shows it’s really regressive,” she said.The details of Carpenter’s sales tax bill won’t be released until Monday, and his office said he was not immediately available for an interview.Right now, the state gives oil producers a tax credit on each barrel of oil they pull from the ground.
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