State of Alaska
Fiscal Note
Bill Version: HB 401
2022 Legislative Session
Fiscal Note Number: 1
(H) Publish Date: 3/16/2022
Identifier: 0113-DOR-TRS-3-11-22 Department: Department of Revenue
Title: NO STATE INVESTMENT IN RUSSIAN Appropriation: Taxation and Treasury
FEDERATION Allocation: Treasury Division
Sponsor: RLS BY REQUEST OF THE GOVERNOR OMB Component Number: 121
Requester: Rules by Request of the Governor
Expenditures/Revenues
Note: Amounts do not include inflation unless otherwise noted below. (Thousands of Dollars)
Included in
FY2023 Governor's
Appropriation FY2023 Out-Year Cost Estimates
Requested Request
OPERATING EXPENDITURES FY 2023 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
Personal Services
Travel
Services
Commodities
Capital Outlay
Grants & Benefits
Miscellaneous
Total Operating 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Fund Source (Operating Only)
None
Total 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Positions
Full-time
Part-time
Temporary
Change in Revenues
None *** *** *** *** *** ***
Total *** 0.0 *** *** *** *** ***
Estimated SUPPLEMENTAL (FY2022) cost: 0.0 (separate supplemental appropriation required)
Estimated CAPITAL (FY2023) cost: 0.0 (separate capital appropriation required)
Does the bill create or modify a new fund or account? No
(Supplemental/Capital/New Fund - discuss reasons and fund source(s) in analysis section)
ASSOCIATED REGULATIONS
Does the bill direct, or will the bill result in, regulation changes adopted by your agency? No
If yes, by what date are the regulations to be adopted, amended or repealed? N/A
Why this fiscal note differs from previous version/comments:
Not applicable, initial version.
Prepared By: Pam Leary, Director Phone: (907)465-3751
Division: Treasury Division Date: 03/11/2022 08:00 AM
Approved By: Eric DeMoulin, Administrative Services Director Date: 03/11/22
Agency: Department of Revenue
Printed 3/16/2022 Page 1 of 2 Control Code: eFHBp
 HB 401 - Fiscal Note 1
FISCAL NOTE ANALYSIS
STATE OF ALASKA BILL NO. LL0113-1
2022 LEGISLATIVE SESSION
Analysis
The proposed legislation requires divestment of Russian assets (Russian Government bonds, Equities, etc.) from funds
under the Commissioner of Revenues fiduciary duty managed by the Treasury Division. Decisions to divest for the Alaska
Permanent Fund Corporation (APFC) and the Alaska Retirement Management Board (ARMB) retirement assets are not
included and left for those entities boards.
While the Russian market is currently closed and the opportunities for divestment remain slim, the proposed legislation
provides for a 180day exit from these assets. For comingled funds, divestiture is not required but the fiduciary would be
required to request that the fund manager consider similar divestment.
The proposed legislation also requires that the Commissioner of Revenue may not do business with banks who are
profiteering from the Russian invasion of Ukraine.
The remainder of the bill exempts those taking divestment actions or inactions taken in good faith from liability for doing
so and provides reporting mechanisms to the Legislature as to the divestment activity undertaken.
The fiscal impact of the bill is indeterminate as a result of the timing and proceeds from sale of Russian assets being not
known at this stage.
(Revised 11/23/2021 OMB/LFD) Page 2 of 2
0113-DOR-TRS-3-11-22 Page 2 of 2 Control Code: eFHBp


Statutes affected:
HB0401A, AM HB 401, introduced 03/16/2022: