AK SB3004

Removes the existing 21 percent payout formula and replaces it with a new calculation where the amount available for appropriation equals 5 percent of the average market value of the fund for the first five of the preceding six fiscal years.

Establishes fixed permanent fund dividend amounts of $1,100 for fiscal year 2022, $1,500 for fiscal year 2023, $2,000 for fiscal year 2024, and $2,250 for fiscal year 2025.

Splits earnings reserve account appropriations 50/50 between the dividend fund and the general fund after fiscal year 2025, with the legislature able to appropriate funds rather than the corporation automatically transferring them.

Allows the legislature to reduce dividend amounts if the cost to distribute them exceeds the amount available for appropriation under the new 5 percent formula.

Changes the effective date to July 1, 2025, except for sections establishing the dividend amounts and the 50/50 split which take effect immediately.