This bill amends various sections of Alaska's laws regarding the Alaska Permanent Fund and the distribution of the Permanent Fund Dividend (PFD). Key changes include the deletion of the requirement that net income of the fund includes income from the earnings reserve account, and the introduction of a provision allowing the legislature to appropriate funds necessary to distribute a dividend of $1,000 to each eligible resident. Additionally, the bill specifies that income from the settlement of State v. Amerada Hess will not be available for appropriation to the dividend fund or to the principal of the fund, but will instead be deposited into the Alaska capital income fund.

Further amendments clarify the eligibility criteria for receiving a PFD, including new income thresholds based on federal adjusted gross income, and the requirement for individuals to be exempt from filing a federal income tax return or to meet specific income limits. The bill also mandates that the stub attached to each dividend disbursement must disclose various details about the dividend, including the amounts attributable to different sources of income. The changes are set to apply to the 2025 qualifying year for the dividend and thereafter, with the act taking effect immediately.

Statutes affected:
HB0209A, AM HB 209, introduced 04/28/2025: 37.13.140, 37.13.145, 43.23.045, 43.23.005, 43.23.015, 37.05.565, 37.13.300, 43.23.025, 43.23.008, U.S.C, 43.23.028, 43.23.240, 43.23.048