AK HB300

Establishes that the legislature may appropriate earnings reserve account funds according to specified percentages: 40% to public education, 10% to capital projects, 10% to University of Alaska, 15% to general fund, 15% to dividend fund, and 10% to community assistance fund.

Changes the calculation for available appropriations from the earnings reserve account from 21% of five-year net income to 5.25% (later amended to 5%) of average market value of the fund for the preceding six fiscal years.

Caps community assistance payments at $1,200 per capita annually, with combined payments under two specified programs not exceeding $1,200 per capita each year.

Removes the previous requirement that the legislature automatically deposit State v. Amerada Hess case income into the Alaska capital income fund, instead allowing discretionary annual appropriation.

Takes effect July 1, 2020, with one section taking effect on the effective date of a 2018 law.