AK HB4010

Removes the previous 21 percent net income distribution formula and replaces it with a 5 percent of average market value formula for determining amounts available for appropriation from the Alaska Permanent Fund.

Changes the split of appropriated funds from the earnings reserve account to 35 percent for the dividend fund and 65 percent for the general fund, down from the previous 50-50 split.

Requires the legislature to appropriate funds rather than having the corporation transfer them automatically, and mandates at least 20 percent of general fund appropriations be allocated to capital projects.

Modifies how income from the State v. Amerada Hess settlement is treated, excluding it from dividend and appropriation calculations while directing it to the Alaska capital income fund.

Takes effect July 1, 2022, and repeals previous subsections (e) and (f) of AS 37.13.145 related to fund administration procedures.