Vote Smart's Synopsis:

Vote to pass a bill that amends the regulations and specifics of the Alaska Permanent Fund.

Highlights:

• Requires the corporation to determine the amount available for distribution each year (Sec. 2).

• Specifies that the amount available for distribution is 5% of the average market value of the fund for the first 5 of the preceding 6 fiscal years (Sec. 2).

• Requires that each year, the corporation transfers from the earnings reserve account to the dividends fund, with 50% of the income available for distribution for the payment of permanent fund dividends and for administrative and associated costs for the fiscal year (Sec. 3).

• Specifies that a transfer under this section may not exceed the balance of the earnings reserve account (Sec. 3).

• Prohibits money awarded or received as a result from State v. Amanda Hess from being included in the computation of the income available for distribution and from being transferred to the dividend fund (Sec. 4).

• Authorizes the legislature to appropriate an amount from the earnings reserve account to the general fund (Sec. 5).

• Requires that each fiscal year, the combined total of the transfer and an appropriation of this section cannot exceed the lesser of the amount available for distribution or the balance of the earnings reserve account (Sec. 6).

• Specifies that this Act takes effect only if, by July 1, 2024, the legislature passes a resolution that requires an annual permanent fund dividend be paid to eligible residents of the state (Sec. 9).

Full Bill Text