SB273 Alabama 2011 Session

Updated Feb 25, 2026

Summary

Primary Sponsor: Trip Pittman
Republican
Co-Sponsor: Arthur Orr
Session: Regular Session 2011
Title: Alabama Trust Fund, unrealized capital gains, oil and gas capital payments received during fiscal year, excluded from the calculation, clarified, realized gains from a public exchange traded equity asset, purchased and sold in same fiscal year, calculation method established, Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), am'd., const. amend.
Summary: SB273 would amend the Alabama Constitution to exclude oil and gas capital payments from unrealized gains in the Alabama Trust Fund and to set how realized gains from same-year public equity trades are calculated.
What This Bill Does
It changes how the Alabama Trust Fund counts gains: oil and gas capital payments received during a fiscal year would not count toward unrealized gains. It also specifies the method for calculating realized gains from a public exchange traded equity asset that is bought and sold in the same fiscal year. The amendment would require voter approval and would not change distributions already approved before ratification.

Who It Affects
Alabama Trust Fund and its Board/management, because the unrealized gains calculation will exclude oil and gas payments and the realized gains from same-year equity trades will be calculated under a defined method
State residents voting on the constitutional amendment (and state agencies handling oil and gas revenues), since the amendment is decided by a statewide election and changes how oil and gas payments are counted in the fund

Key Provisions
Oil and gas capital payments received during the fiscal year are excluded from the calculation of unrealized capital gains in the Alabama Trust Fund.
Realized gains for a public exchange traded equity asset that is both purchased and sold in the same fiscal year are calculated by comparing sale proceeds to the asset's purchase price.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Constitutional Amendments