Juneau -- Representative Gary Davis (R-Soldotna) Monday introduced HJR 47, which would distribute $25,000 to eligible residents from the $27 billion Permanent Fund principal. The proposal, a companion resolution to Senator Jerry Mackie's Senate Joint Resolution 33, would eliminate the Permanent Fund dividend program and allow the State to use the remaining earnings for inflation-proofing and funding state services.

"Introducing a companion bill in the State House of Representatives will expand the dialogue and public input on the merits of the legislation," Davis said. "HJR 47 provides for the payment of the equivalent of more than 13 years of dividends. It provides an opportunity for citizens to manage their own funds and make decisions that are best for them and their families."

Davis said this is a strategic issue requiring serious consideration by the legislature and the citizens of Alaska.

"The resulting discussions and ultimate decision will provide answers to questions raised by the September 1999 vote on the Balanced Budget Plan," Davis said. "This proposal would be a huge step toward addressing the budget deficit. With that problem resolved, the legislature can then get back to work dealing with the state's essential needs without being constantly distracted by the permanent fund dividend program."

HJR 47 sets the stage for another balanced budget proposal. It takes the Permanent Fund dividend off the table, allowing the legislature to consider all revenue. Davis said HJR 47 offers an opportunity to expand the Permanent Fund's purpose: to utilize revenue from non-renewable resources to assist state government services when those revenues are needed.

"Nothing in this proposal precludes any future legislature from other alternatives," Davis said.

HJR 47 was referred to the House Judiciary and Finance Committees.