SB147 Alabama 2012 Session

Updated Jul 25, 2021

Senate Bill

Enacted

Current Status

Regular Session 2012

Session

Summary

Primary Sponsor: Trip Pittman
Republican
Co-Sponsor: Arthur Orr
Session: Regular Session 2012
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 75 percent 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.
Subjects: Constitutional Amendments