AK SJR18

Reduces the percentage of mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments, and bonuses deposited in the Alaska Permanent Fund from 25 percent to 12.5 percent.

Creates a new Alaska Resource Ownership Revenue Account to receive the other 12.5 percent of mineral revenues, with funds used for income-producing investments and dividend payments to state residents.

Allows the legislature to appropriate up to 5 percent annually from both the Permanent Fund and Resource Ownership Revenue Account based on the average market value of each fund over the preceding five fiscal years.

Transfers the unencumbered balance of the earnings reserve account to the Permanent Fund principal on June 30, 2023, and appropriates at least $6.77 billion from the Permanent Fund to the Resource Ownership Revenue Account as a one-time transition payment.

Requires voter approval through a statewide election before these constitutional amendments take effect for fiscal year 2024 and thereafter.