AK SB128

Transfers management of the budget reserve fund from the Department of Revenue to the Alaska Permanent Fund Corporation, effective July 1, 2016.

Changes the distribution formula for Alaska permanent fund earnings from 21 percent of five-year net income to 5.25 percent of average market value of the fund over the preceding six fiscal years.

Allocates 20 percent of the amount available for distribution to the dividend fund, with the remainder reduced by the difference between oil and gas tax revenues and a $1.2 billion threshold.

Sets permanent fund dividend payments at $1,000 for fiscal years 2017, 2018, and 2019.

Allows the legislature to appropriate excess unrestricted state revenue (when revenue exceeds appropriations) equally to the Alaska permanent fund principal and the budget reserve fund.