AK HB259

Changes the calculation method for Alaska Permanent Fund income available for appropriation from 21 percent of five-year net income to 5 percent of average market value of the fund over five years.

Reduces the permanent fund dividend from 50 percent to 25 percent of available income, with the remaining 75 percent directed to the general fund for state operations.

Requires the legislature to appropriate at least 50 percent of the 75 percent general fund allocation to education funding for school districts, state boarding school, correspondence study, and pupil transportation.

Allows the legislature to appropriate additional general fund amounts for education if appropriations exceed calculated state aid under existing formulas.

Effective date of July 1, 2023.