AK SB183

Establishes that the amount available for general fund distribution from Alaska Permanent Fund earnings is 5.25 percent of the average market value of the fund for the first five of the preceding six fiscal years, subject to a cap of the earnings reserve account balance.

Reduces general fund distributions by 80 cents for each dollar that oil and gas production taxes and mineral revenues exceed $1,200,000,000 (adjusted annually for inflation).

Authorizes the legislature to appropriate from the earnings reserve account to the general fund each fiscal year the amount calculated as available for distribution under the bill's formula.

Allows the legislature to appropriate excess earnings reserve funds to the principal of the fund when the reserve balance exceeds four times the annual appropriations, up to the amount of cumulative inflation on the principal since June 30, 2015.

Changes the effective date for the distribution percentage to July 1, 2021, while the remainder of the bill takes effect July 1, 2018; requires legislative reevaluation of the earnings use policy within three years.