SB 3003 Summary

• Establishes legislative intent to set permanent fund dividends at $1,000 per eligible individual for 2021 and 2022.

• Reduces the appropriation rate from the permanent fund from 5 percent to 4.5 percent of average market value using the preceding five fiscal years (excluding the current year).

• Creates separate sustainable dividend and power cost equalization accounts within the permanent fund, each using a 5 percent appropriation rate from their respective account values.

• Requires the legislature to appropriate available funds from the sustainable dividend account for resident dividend payments and from the power cost equalization account for rural energy subsidies.

• Establishes a minimum permanent fund dividend of $1,200 per individual, with the legislature required to appropriate additional funds if the calculated dividend falls below this amount.

• Makes most provisions conditional on voter approval of an enabling constitutional resolution by January 1, 2023, with July 1, 2023 effective date.