AK HB222

Creates the Alaska Promotion and Marketing Fund administered by the Department of Commerce, Community, and Economic Development in consultation with a new board, funded through legislative appropriations, gifts, bequests, federal money, and investment interest.

Establishes a three-member Alaska Promotion and Marketing Board appointed by the governor for three-year terms, composed of private sector business experts who cannot hold executive positions in businesses while serving.

Authorizes grants to private entities in industries that bring money into the state, requiring 30 percent matching funds from emerging industries and 50 percent matching funds from established industries, with established industries capped at 75 percent of annual fund appropriations.

Board duties include developing grant priority methodologies, establishing evaluation criteria that prioritize projects adding to Alaska's primary sector economy, determining industry classifications, and reporting recommendations to the legislature within 10 days of each legislative session.

Repeals existing conflicting provisions and sunsets the fund and board on July 1, 2019; the act takes effect January 1, 2012.