SB273 Alabama 2011 Session

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.

Description

Under existing law, the Alabama Trust Fund Board may transfer up to seventy-five percent (75%) of the realized and unrealized capital gains from the Alabama Trust Fund each fiscal year. The current definition of unrealized capital gains allows oil and gas capital payments received during the fiscal year to be included in the calculation of the unrealized gains. Also, the current definition of realized capital gains does not address the method of calculating the realized capital gains from a public exchange traded equity asset both purchased and sold in the same fiscal year.

This bill would propose an amendment to Section II of Amendment 666 to the Constitution of Alabama of 1901, now appearing as Section II of Section 219.04 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, to clarify that oil and gas capital payments received during the fiscal year are excluded from the calculation of unrealized capital gains and establish the manner in which the realized gains from a public exchange traded equity asset both purchased and sold in the same fiscal year are calculated.

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Subjects

Constitutional Amendments