This bill amends various sections of Alaska's laws regarding the Alaska Permanent Fund and its dividends. Key changes include the deletion of references to the net income of the fund including the earnings reserve account, and the introduction of new provisions allowing the legislature to appropriate funds from the earnings reserve account to offset inflation on the fund's principal. Additionally, the bill specifies that income from the State v. Amerada Hess case will be treated like other income of the Permanent Fund but will not be available for distribution to the dividend fund or for certain appropriations. The bill also establishes that the legislature may appropriate 69% of all mineral lease revenues to the dividend fund each fiscal year.

Furthermore, the bill introduces a new section allowing applicants for the Permanent Fund Dividend to direct a portion of their dividend to the state general fund or the principal of the Permanent Fund, with contributions starting at $25. It mandates that the electronic application for the dividend must clearly separate this option from other contributions. The bill repeals certain existing provisions and sets an effective date of July 1, 2025, for these changes.

Statutes affected:
HB0114A, AM HB 114, introduced 02/26/2025: 37.13.140, 37.13.145, 37.05.565, 43.23.025, 43.23.045, 43.23.005, 43.23.021, 43.23.055, 43.23.240, 43.23.028, 43.23.048, 37.13.010, 37.14.150