AK HB303

Removes date restrictions on mineral lease revenues deposited to the Alaska Permanent Fund, making all mineral lease rentals, royalties, bonuses, and federal revenue sharing payments eligible for deposit regardless of lease issue date.

Changes the distribution formula from 21 percent of net income to 5 percent of the average market value of the fund over the preceding five fiscal years, calculated in accordance with generally accepted accounting principles.

Creates a new dividend fund appropriation mechanism allowing the legislature to appropriate 74.5 percent of mineral lease revenues directly to the dividend fund rather than routing through the permanent fund.

Establishes a new subsection requiring income from the permanent fund and earnings reserve account to be deposited into the general fund within 30 days after receipt, with a $1,000 minimum dividend floor if calculated dividends fall below that amount.

Excludes net income from the mental health trust fund from calculations of income available for distribution under the amended distribution formula.