AK HB330

Establishes the Alaska Transportation Fund as a separate endowment trust fund managed by the Commissioner of Revenue to maintain purchasing power with a target 5% real rate of return on investments.

Creates the Alaska Community Transportation Account within the fund, with 10 percent of all fund deposits directed to this account for local public transportation purposes.

Authorizes the Department of Transportation to finance operations and capital projects for local public transportation provided by municipalities, nonprofit organizations, and private organizations eligible for federal transit funding.

Requires the Commissioner of Revenue to annually report by October 1 identifying five percent of average fund market values available for appropriation to transportation capital projects and local transit programs.

Takes effect July 1, 2010, with transition provisions establishing initial fund values based on July 1, 2010 market value through 2015.