State legislators and other officials met Tuesday to discuss how to invest the money in the newly created Legacy Fund.In round numbers, $300 million/year.
The fund, approved as part of a voter initiative in 2010, sets aside 30 percent of oil production and extraction taxes in a separate fund untouchable by state legislators until 2017. After that, it will take a two-thirds vote to spend from the fund.
Money will be deposited in the Legacy Fund beginning in September. According to information from the state treasurer’s office, it is projected to collect roughly $295 million in its first year. About $293 million is expected the following year.
The "key phrase" in this article: "30 percent." This represents only 30 percent of the total tax the state is taking in each year from the oil industry. And that's the "direct amount." Much more is collected from indirect taxes, including property tax, sales tax, corporate income tax, and personal income tax. Not to mention road taxes on trucks, but one can argue those fees don't cover the cost of the impact to roads and bridges.
