AK SB21

Repeals the existing formula that calculated income available for distribution as 21 percent of the net income of the fund for the last five fiscal years and replaces it with a new appropriation-based system allowing the legislature to appropriate between 2.25 and 4.5 percent of the average market value of the fund to the dividend fund.

Allows the legislature to appropriate an additional amount not to exceed 2.25 percent to the general fund after dividend appropriations, with a total cap of 4.5 percent annually from the earnings reserve account.

Excludes income earned from the State v. Amerada Hess settlement and related royalty-in-kind adjustments from being available for dividend distributions and directs such income to the Alaska capital income fund instead.

Changes the permanent fund dividend calculation to reference the new appropriation-based percentages rather than the previous income transfer methodology.

Takes effect July 1, 2017.