AK HB89

Authorizes the commissioner to offer bedload material (gravel, rock, and other material below the ordinary or mean high water mark) for disposal from areas with an approved site-specific flood mitigation plan.

Requires the commissioner to find that removal of bedload gravel will offset future flood damage costs to the state, is in the state's best interests even if sold below fair market value, and will enhance the flood mitigation plan's effectiveness.

Allows the commissioner to request a professional engineer with relevant experience to review bedload material extraction plans.

Requires persons other than state or federal government acquiring bedload material to pay a royalty of not less than 12.5 percent of pretax profit, calculated by subtracting extraction, loading, and transportation costs from the material's value.

Defines "value" as the sales price of material in a bona fide arm's-length transaction between unaffiliated parties and directs the commissioner to adopt regulations determining valuation methods and allowable cost deductions.