HB 327 Summary

• Establishes a new land sale program requiring the state to select at least 400,000 acres from the land disposal bank and divide them into surveyed parcels not exceeding 20 acres for sale to eligible buyers.

• Restricts land sales under this program to individuals who are 18 years or older and eligible for a permanent fund dividend, including those who received a dividend, applied and were determined eligible, or have a pending application and received a dividend the prior year.

• Provides a 50 percent discount on fair market value for veterans purchasing land under this program, while other buyers pay full appraised value.

• Requires buyers to deposit $1,000 or assign at least $1,000 from their current year permanent fund dividend at time of sale, with any balance due payable over up to 20 years through future dividend assignments or installments without interest.

• Directs the Department of Revenue to confirm an individual's permanent fund dividend eligibility status with the Department of Natural Resources for land purchase qualification purposes.