AK HB4003

Removes the previous 21 percent income distribution formula for the Alaska Permanent Fund and replaces it with a 5 percent payout based on the average market value of the fund for the preceding 5 of 6 fiscal years.

Changes the split of fund distributions from an unspecified formula to 25 percent to the dividend fund and 75 percent to the general fund, shifting more money to state operations and reducing dividend payments.

Transfers authority from automatic transfers by the Alaska Permanent Fund Corporation to legislative discretion, requiring annual legislative appropriations for dividend payments and inflation-proofing transfers.

Excludes income from the State v. Amerada Hess settlement and mental health trust fund from calculations of available appropriations and dividend eligibility.

Takes effect July 1, 2022.