AK HB5001

Transfers management of the budget reserve fund to the Alaska Permanent Fund Corporation, which shall manage and invest it using the same procedures as the Alaska permanent fund.

Changes permanent fund income distribution formula from 21 percent of net income over five years to 5.25 percent of the average market value of the fund for the preceding six fiscal years, with 20 percent of available distributions reserved for dividends.

Establishes permanent fund dividends at $1,000 for fiscal years 2017, 2018, and 2019, then reverts to formula-based calculation.

Allows legislature to appropriate from the earnings reserve account to the general fund up to the amount available for distribution, and to the principal an amount by which the earnings reserve exceeds four times the annual distribution amount.

Adds 50 percent of mineral lease revenues from leases issued after December 1, 1979 and February 15, 1980 to the Alaska permanent fund principal.