SB147 Alabama 2012 Session
Bill Summary
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
To 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 in the Alabama Trust Fund; and to establish the manner in which the realized gains from a public exchange traded equity asset in the Alabama Trust Fund that is both purchased and sold in the same fiscal year are calculated.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 16, 2012 | Forwarded to Secretary of State on May 16, 2012 at 12:00 a.m. on May 16, 2012 | |
| May 16, 2012 | Assigned Act No. 2012-490. | |
| May 16, 2012 | Enrolled | |
| May 16, 2012 | Signature Requested | |
| May 16, 2012 | Concurred in Second House Amendment | |
| May 16, 2012 | Marsh motion to Concur In and Adopt adopted Roll Call 1583 | |
| May 16, 2012 | Concurrence Requested | |
| May 16, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 1606 | |
| May 16, 2012 | Motion to Adopt adopted Roll Call 1605 | |
| May 16, 2012 | Clouse Amendment Offered | |
| May 16, 2012 | Third Reading Passed | |
| April 24, 2012 | Read for the second time and placed on the calendar | |
| April 17, 2012 | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund | |
| April 12, 2012 | Engrossed | |
| April 12, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 573 | |
| April 12, 2012 | Orr motion to Adopt adopted Roll Call 572 | |
| April 12, 2012 | Orr first Substitute Offered | |
| April 12, 2012 | Third Reading Passed | |
| February 23, 2012 | Read for the second time and placed on the calendar | |
| February 7, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB147 Alabama 2012 Session - Enrolled |
| Bill Text | SB147 Alabama 2012 Session - Engrossed |
| Bill Text | SB147 Alabama 2012 Session - Introduced |