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AL SB273
Bill
Status
3/24/2011
Primary Sponsor
Trip Pittman
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AI Summary
SB273 Summary
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Proposes a constitutional amendment to Section II of Amendment 666 to clarify the calculation of capital gains from the Alabama Trust Fund.
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Excludes oil and gas capital payments received during the fiscal year from the calculation of unrealized capital gains in the Alabama Trust Fund.
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Establishes that gains or losses from public exchange traded equity assets purchased and sold in the same fiscal year are calculated by subtracting the purchase price from the sale proceeds.
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Requires voter approval through a referendum held in accordance with Sections 284 and 285 of the Alabama Constitution and state election laws.
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Preserves the validity of any realized or unrealized gains distributions approved prior to the amendment's ratification.
Legislative Description
Alabama Trust Fund, unrealized capital gains, oil and gas capital payments received during fiscal year, excluded from the calculation, clarified, realized gains from a public exchange traded equity asset, purchased and sold in same fiscal year, calculation method established, Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), am'd., const. amend.
Constitutional Amendments
Last Action
Indefinitely Postponed
6/1/2011