2017 Montana Legislature

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HOUSE BILL NO. 242

INTRODUCED BY T. JACOBSON

 

A BILL FOR AN ACT ENTITLED: "AN ACT SUBMITTING TO THE QUALIFIED ELECTORS OF MONTANA AN AMENDMENT TO ARTICLE IX, SECTION 5, OF THE MONTANA CONSTITUTION TO ESTABLISH A NATURAL RESOURCES TRUST FUND; ESTABLISHING FUNDING OF THE TRUST FUND FROM TAXES ON COAL SEVERANCE AND OIL AND GAS PRODUCTION; PROVIDING THAT THE PRINCIPAL OF THE TRUST REMAIN INVIOLATE UNLESS APPROPRIATED BY VOTE OF THREE-FOURTHS OF EACH HOUSE OF THE LEGISLATURE; AND PROVIDING THAT THE INTEREST AND INCOME CAN BE APPROPRIATED."

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:

 

     Section 1.  Article IX, section 5, of The Constitution of the State of Montana is amended to read:

          60;  "Section 5.  Severance tax on coal natural resources -- trust fund. (1) The legislature shall dedicate not less than one-fourth (1/4) of the coal severance tax to a trust fund, the interest and income from which may be appropriated.

     (2) The legislature shall also dedicate the following percentage of any tax collected by the state in a tax year on the extraction, severance, or production of oil and gas, but not including any tax based on the value of the property and collected by the counties, to a trust fund. The interest and income of the trust fund may be appropriated as follows:

     (a) 5 percent in 2020;

     (b) 10 percent in 2021;

     (c) 15 percent in 2022;

     (d) 20 percent in 2023;

     (e) 25 percent in 2024; and

     (f) 30 percent in 2025 and thereafter.

     (3) The principal of the trust shall forever remain inviolate unless appropriated by vote of three-fourths (3/4) of the members of each house of the legislature. After December 31, 1979, at least fifty percent (50%) of the coal severance tax shall be dedicated to the trust fund."

 

     NEW SECTION.  Section 2.  Two-thirds vote required. Because [section 1] is a legislative proposal to amend the constitution, Article XIV, section 8, of the Montana constitution requires an affirmative roll call vote of two-thirds of all the members of the legislature, whether one or more bodies, for passage.

 

     NEW SECTION.  Section 3.  Submission to electorate. [This act] shall be submitted to the qualified electors of Montana at the general election to be held in November 2018 by printing on the ballot the full title of [this act] and the following:

     []    &# 160; YES on Constitutional Amendment ___.

     []    &# 160; NO on Constitutional Amendment ___.

- END -

 


Latest Version of HB 242 (HB0242.01)
Processed for the Web on January 14, 2017 (7:43am)

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