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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
House Interior Committee approved Delegate Bartlett's bill increasing Alaska's share of mineral revenues on public lands to 90% for coal net profits and an additional 52.5% for petroleum leases, amending 1914 law.
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WASHINGTON, (A) - A bill increasing Alaska's share of revenues from minerals on public lands in the Territory was approved today by the House Interior Committee.
The bill, by Delegate Bartlett, provides 90 per cent of the net profits from operation of government coal mines and coal leases be deposited in the Alaska Treasury. The remaining 10 per cent would be retained by the federal Treasury.
A 1914 law, which the bill amends, provided that the revenue from coal be devoted to Alaska railroad construction and operation. The railroad is now constructed and is operating at a profit.
The Bartlett bill also provides that an additional 52½ per cent of the revenue from petroleum leases on Alaska Public Domain be turned over to the Territory.
Alaska now gets 37½ per cent for roads and educational purposes and 52½ per cent goes to the Federal Reclamation Fund in which Alaska does not share.
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Domestic News Details
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Washington
Event Date
Today
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the bill was approved by the house interior committee.
Event Details
A bill increasing Alaska's share of revenues from minerals on public lands in the Territory was approved by the House Interior Committee. The bill provides 90 per cent of the net profits from operation of government coal mines and coal leases be deposited in the Alaska Treasury, with the remaining 10 per cent retained by the federal Treasury. It amends a 1914 law that devoted revenue from coal to Alaska railroad construction and operation, which is now constructed and operating at a profit. The bill also provides an additional 52½ per cent of the revenue from petroleum leases on Alaska Public Domain be turned over to the Territory. Alaska currently gets 37½ per cent for roads and educational purposes, and 52½ per cent goes to the Federal Reclamation Fund in which Alaska does not share.