AK HB61

Removes time restrictions on which mineral leases contribute to the Alaska Permanent Fund, allowing leases issued after specific dates (December 1, 1979 and February 15, 1980) to contribute 50 percent of rentals, royalties, and bonuses instead of being excluded.

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

Allocates 20 percent of available earnings for permanent fund dividends and reduces remaining earnings available for general fund appropriation by the difference between oil/gas revenues and $1.2 billion, if revenues exceed that threshold.

Sets permanent fund dividend amounts at $1,000 for fiscal years 2018 and 2019 (expires June 30, 2020).

Directs the legislature to reevaluate the use of Alaska Permanent Fund earnings within three years and takes effect immediately.