HB 249 Summary

• Changes Alaska Permanent Fund dividend distribution from automatic corporation transfers to legislative appropriations, requiring annual legislative action to fund dividends.

• Establishes a phased approach for appropriating earnings reserve funds to the dividend fund: 10% in fiscal year 2023, 15% in 2024, 20% in 2025, and 25% in fiscal years after 2025.

• Adds a new funding source for dividends by allowing the legislature to appropriate oil and gas royalties and payments to the dividend fund at increasing percentages: 35% in FY 2023, 40% in FY 2024, 45% in FY 2025, and 50% thereafter.

• Requires disclosure on dividend stubs showing the portion of each dividend attributable to legislative appropriations rather than permanent fund income earned from constitutional deposits.

• Takes effect July 1, 2022.