AK HB306

Removes the existing 21 percent calculation formula for income available for distribution from the Alaska Permanent Fund, replacing it with language that allows the legislature to determine the amount available for appropriation under AS 37.13.140(b).

Changes the transfer split from the earnings reserve account so that 20 percent goes to the dividend fund and 80 percent goes to the general fund, down from the previous 50 percent to dividend fund allocation.

Restricts income earned from the State v. Amerada Hess settlement from being available for appropriation under the dividend calculation or available for transfers to principal, requiring it to be deposited instead into the Alaska capital income fund.

Eliminates subsection (f) of AS 37.13.145, which previously allowed legislative appropriations from the earnings reserve account to the general fund.

Establishes a seven-member Permanent Fund Dividend Task Force to report by September 30, 2026, on the fund's economic and social impacts, statutory protections, sustainability, and recommendations for future dividend calculations; task force terminates January 31, 2027.

Takes effect July 1, 2020.