AK SB53

Changes Alaska Permanent Fund dividend calculation to a fixed-dollar amount rather than a percentage-based formula, setting dividends at $1,100 for fiscal years 2022-2023, $1,200 for fiscal year 2024, and $1,300 for fiscal year 2025 and beyond, adjusted annually for inflation.

Modifies fund income distribution to split 50 percent to dividend payments and 50 percent to the state general fund, replacing the previous automatic dividend allocation formula.

Establishes a 5 percent spending rule based on the average market value of the fund over the preceding five fiscal years, with flexibility for the legislature to appropriate amounts rather than automatic transfers.

Includes a conditional trigger requiring the commissioner of revenue and director of legislative finance division to jointly certify by December 15, 2024 that at least $700 million in new annually recurring general fund revenue has been enacted before certain provisions take effect on July 1, 2025.

Implements recommendations from the 2021 Comprehensive Fiscal Plan Working Group to provide time for the legislature to debate and implement revenue measures and cost reductions needed for long-term state fiscal stability.