(JUNEAU) - The Alaska House of Representatives passed HJR 26 this evening by a vote of 27-13. The resolution, which received bipartisan support, will allow Alaskan voters to decide whether the permanent fund earnings should be used to balance the state's budget.

Representative Ralph Samuels (R-Anchorage), led the debate on the House floor. "As we look to the future, Mr. Speaker, let's look past this coming November, and instead look into the next generation. Doing nothing because of high oil prices, or fear of what our opponents in the next election may say is not exercising the leadership that we were sent here to show."

Percentage of Market Value (POMV) would take a percentage of the permanent fund's market value, often 5 percent, and use it to close the fiscal gap and provide stability to the permanent fund dividend. Under existing law, the permanent fund dividend check is based on the earnings of the fund. In years with little or no earnings, a payout of the dividend may not be feasible. Use of the POMV will help ensure that Alaskans continue to receive their permanent fund dividend check.

House Speaker Pete Kott was thrilled with the outcome of the vote. "Alaskans will now have the opportunity to make their voices heard on this issue. POMV is one part of an overall package to ensure that Alaska's fiscal future is a secure one. I believe it is one of the best ways to protect the permanent fund dividend that Alaskans treasure and count on."

If adopted by the Senate, HJR 26 would put a constitutional amendment on the ballot this coming November. The Senate will now consider the measure.

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