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Committee hears bill to boost Legacy Fund earnings share for highway distributions; county and township groups urge sustained support
Summary
Senate Bill 2372, introduced by Senator Brad Beckettall, would raise the percent-of-market-value (POMV) earnings distribution used to calculate annual Legacy Fund payouts from 7% to 8% and dedicate the added 1% to the highway distribution fund.
Senator Brad Beckettall, sponsor of Senate Bill 2372, told the Industry and Business Committee the measure would change the formula used to calculate annual Legacy Fund earnings available for distribution. Under current statute, the Legacy Fund’s earnings distribution is computed as a percent of the five-year average market value. SB 2372 would raise that percent from 7% to 8% and direct the additional 1% into the Highway Distribution Fund (HDF).
Beckettall said the change was informed by the governor’s earlier budget proposal and legislative fiscal projections: “Since the 1% distribution is tied to the overall POMV, the funding this bucket should increase every biennium to keep up or exceed inflation rates in its distributions.” He…
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