State Senate Majority Leader Clay Scofield (R-Guntersville) believes the best way to handle the state's $2.7 billion budget surplus would be to save it until more stable economic times rather than spend it now on some form of tax relief as other state officials have proposed.
"I'm very conservative on this. I would like to see what the economy is going to do," Scofield told 1819 News. "There's too much uncertainty right now. I would like to hold and see what happens."
For the time being, Scofield suggested placing the money into a trust fund, which would accrue a "considerable amount" of interest. He said Alabama is already "one of the lowest taxed states in the country."
The state is due another $1 billion this year in its second round of American Rescue Plan Act funds. Scofield told The Sand Mountain Reporter he expects the Legislature will hold a special session as it did with the first round of funding to decide how the money will be spent.
Aside from tax relief, other suggested ways to spend the surplus include improving education, expanding broadband and fixing the state's broken prison system. The regular session begins March 7.
To connect with the author of this story, or to comment, email daniel.taylor@1819news.com.
Don't miss out! Subscribe to our newsletter and get our top stories every weekday morning.
