Senate to consider new PFD formula, budget cap bills

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The Senate Finance Committee will hear two bills this week that would consider a new formula for the Permanent Fund dividend and creating a spending camp for future budgets.

Senate Bills 103 and 104 were introduced by the Senate Friday morning and will get their first hearings Wednesday.

SB 103 offers to split earnings reserve money drawn for government services and the dividend. A new law passed last year allows the Legislature to use a certain percentage of the Permanent Fund’s earnings to cover these costs, but does not specify how much should be used for each one.

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