HB 1005 Summary

• Appropriates an estimated $1,444,000,000 from the Alaska Permanent Fund's earnings reserve account to the dividend fund for permanent fund dividends and administrative costs for fiscal year ending June 30, 2020.

• Appropriates $500,000,000 from the constitutional budget reserve fund to the dividend fund for permanent fund dividends and administrative costs for fiscal year ending June 30, 2020.

• Requires repayment to the budget reserve fund of any fiscal year 2019 deposits made from non-general fund sources, as required by the Alaska Constitution.

• Makes appropriations contingent on passage before October 1, 2019, of separate legislation amending AS 37.13.145(b) to authorize transfers equal to 25 percent of income available for distribution.

• Takes effect July 1, 2019, with permanent fund dividend appropriations designated as fund capitalization that do not lapse.