The bill amends various sections of Alaska's laws regarding the Alaska Permanent Fund, specifically focusing on the computation of net income, appropriations from the earnings reserve account, and the distribution of permanent fund dividends. Key changes include the deletion of the previous method for calculating net income, which included income from the earnings reserve account, and the introduction of a new calculation method that excludes unrealized gains or losses. The amount available for appropriation is now defined as five percent of the average market value of the fund over the preceding five fiscal years, with a stipulation that it cannot exceed the balance in the earnings reserve account.

Additionally, the bill modifies the process for appropriating funds from the earnings reserve account to the general fund and the dividend fund, changing the percentage allocated to the dividend fund from 50% to 25%. It also clarifies that income from the settlement of the State v. Amerada Hess case will not be available for appropriation to the general fund or the dividend fund. The bill repeals certain sections related to previous appropriation methods and establishes a new framework for determining the value of permanent fund dividends, ensuring that the process aligns with the updated calculations and appropriations. The act is set to take effect immediately upon passage.

Statutes affected:
SB0109A, AM SB 109, introduced 02/24/2025: 37.13.140, 37.13.145, 43.23.045, 37.05.565, 37.13.300, 43.23.025