| From ADN: Starting this month, 50 percent of the royalties generated from state mineral leases issued after Dec. 1, 1979, will be placed in the Permanent Fund. That's an increase from the 25 percent that has been transferred since 2003.
The increase is due to the automatic repeal of a 2003 law that temporarily cut the rate at 25 percent, the state Department of Revenue said. Under the state constitutional amendment in 1976 that created the Permanent Fund, an oil wealth savings account now worth about $28 billion, at least 25 percent of all mineral lease rentals, royalties, royalty sale proceeds and federal mineral revenue sharing payments and bonuses received by the state shall be placed in a permanent fund, the department said...... Full Article: Source
|