This 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 and the introduction of a new formula that determines the amount available for appropriation as five percent of the average market value of the fund over the preceding five fiscal years. Additionally, the bill specifies that the amount available for appropriation cannot exceed the balance in the earnings reserve account.

Further amendments clarify the process for appropriating funds from the earnings reserve account to the general fund and the dividend fund, with a reduction in the percentage allocated to the dividend fund from 50% to 25%. The bill also establishes 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, but will instead be deposited into the Alaska capital income fund. The bill repeals certain sections related to previous appropriation processes and takes 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