AK HB110

Establishes the legislative intent to pass a constitutional amendment requiring mandatory annual permanent fund dividend payments to eligible Alaska residents and making such payments a constitutionally allowable use of funds.

Changes the permanent fund distribution formula from 21 percent of net income over five years to 5 percent of average market value of the fund over the first five of the preceding six fiscal years.

Transfers 50 percent of income from the earnings reserve account to the general fund annually, with the other 50 percent transferred to a separate dividend fund for permanent fund dividend payments.

Requires public disclosure of permanent fund earnings reserve account balances and income available for distribution through the Department of Administration's searchable financial website.

Takes effect only upon voter approval of a constitutional amendment at the 2024 general election, with an effective date of July 1, 2025, if approved.