AK HB4009

Changes Alaska permanent fund income distribution from a formula-based system (21 percent of 5-year average net income) to a legislative appropriation model based on 5 percent of fund's average market value.

Establishes phased increases in dividend fund appropriations from earnings reserve account: 10 percent in FY2023, 15 percent in FY2024, 20 percent in FY2025, and 25 percent in FY2026 and beyond.

Adds new revenue source for dividends by allowing legislature to appropriate a percentage of oil and gas royalties and payments to the dividend fund: 35 percent in FY2023, 40 percent in FY2024, 45 percent in FY2025, and 50 percent in FY2026 and beyond.

Shifts dividend computation from automatic corporation transfers to legislative appropriations, giving legislature greater control over permanent fund dividend amounts.

Takes effect July 1, 2022.