HB 260 Summary

• Removes the 21 percent calculation formula for income available for distribution and replaces it with a 5 percent calculation based on the average market value of the fund for the preceding five to six fiscal years.

• Changes fund distribution from automatic transfers by the Alaska Permanent Fund Corporation to discretionary appropriations by the legislature, splitting available amounts 50 percent to the general fund and 50 percent to the dividend fund.

• Allows the legislature to reduce dividend fund appropriations and increase general fund appropriations to respond to statewide disaster emergencies or when general fund needs exceed 50 percent of available appropriations adjusted for inflation and population changes.

• Clarifies that net income from the mental health trust fund and income from the State v. Amerada Hess settlement are excluded from calculations of available appropriation amounts.

• Repeals previous statutory provisions regarding automatic appropriations and takes effect July 1, 2022.