State Sen. Greg Albritton (R-Atmore) introduced a bill that would transfer $59.9 million from the state’s General Fund to pay down the Alabama Trust Fund. The state has been steadily repaying a $437 million diversion enacted in 2012 at a time when the government was struggling amid the nationwide recession.
To stay operational, the Legislature faced a choice between raising revenues or dipping into the trust. In a September 2012 special election, Alabama voters approved the move. Then not long after, the Legislature passed the Peoples’ Trust Act, which required the state replenish funds completely by 2026.
Enter SB1.
“We’ve been paying $13 million a year out of the General Fund,” Albritton said on the Senate floor Wednesday. “When times got better, we began making double payments.
“We stated that we had a moral obligation to pay that money back.”
Cosponsored by two dozen other senators, SB1 looks clear for a landing after the special session, and approval from the Finance and Taxation General Fund committee.
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.