AK SB149

Amends AS 44.88.088(b) to define "mark-to-market fair value" as the market value of an investment as of the financial reporting date.

Redefines "net income" to mean the change in net position of the revolving fund, sustainable energy transmission and supply development fund, or Arctic infrastructure development fund, excluding intergovernmental transfers, capital contributions, grants, losses on projects financed with state or federal grants, mark-to-market accounting entries, and retirement obligation noncash entries.

Adds a new definition of "project or development" to include Arctic infrastructure developments, development projects, projects, and qualified energy developments as defined in AS 44.88.900.

Revises "unrestricted net income" definition to apply the same exclusions as "net income" and changes the treatment of impairment losses to apply only to projects financed with state or federal grants or appropriations.

Takes effect immediately upon enactment.