AK SB227

Establishes legislative intent to set the permanent fund dividend at $1,600 for each eligible individual for 2020 and 2021.

Changes the calculation of income available for appropriation from 21 percent of net income over five years to 5.25 percent of average market value of the fund over five of the preceding six fiscal years.

Shifts control of earnings reserve account distributions from automatic corporation transfers to discretionary legislative appropriations, splitting 50 percent to the dividend fund and 50 percent to the general fund.

Reduces the appropriation rate from 5.25 percent to 5 percent effective January 1, 2023.

Makes most provisions conditional on enactment of an oil and gas production tax initiative (petition ID:19OGTX) as certified by the lieutenant governor.