Sen. Brad Beckettall’s bill would raise legacy fund withdrawal rate, direct extra 1% to highway distribution

Senator Brad Beckettall, of District 1 in Williston, told the Appropriations — Government Operations Division committee that Senate Bill 23‑72 would raise the legacy fund percent-of-market-value (POMV) used to calculate legacy earnings from 7% to 8% and dedicate the extra 1% to the Legacy Earnings Highway Distribution Fund to increase statewide transportation distributions.

Beckettall said the bill grows from Governor Armstrong’s budget proposal presented to the House and Senate Joint Appropriations Committees and explained the mechanics: under current law three legacy‑earnings “buckets” are paid first — a debt‑payment bucket ($102,600,000 per biennium), a tax‑relief bucket ($225,000,000 per biennium) and a highway distribution fund bucket ($100,000,000 per biennium) — with the remainder split between the general fund and the state investment fund. "This bill takes the Governor Armstrong proposal and changes the POMV from 7% to 8% with the additional 1% to be always deposited in the legacy earnings highway distribution fund for increased transportation funds distribution statewide," Beckettall said.

Beckettall and fiscal staff cited forward estimates showing the extra 1% would add roughly $85–87…