AK HB3008

Eliminates the previous formula calculating income available for distribution based on 21 percent of net income over five fiscal years, replacing it with a simpler 5 percent of average market value calculation.

Changes the distribution split from the earnings reserve account to 25 percent for the dividend fund and 75 percent for the general fund, down from the previous 50/50 split.

Converts mandatory automatic transfers to discretionary appropriations by the legislature for both dividend distributions and inflation-proofing transfers to the fund principal.

Exempts income from the State v. Amerada Hess settlement and mental health trust fund from calculations of available funds for appropriation and dividend distributions.

Takes effect July 1, 2022, and repeals previous subsections (e) and (f) of AS 37.13.145.