AK HB163

Establishes the FAFSA raffle fund as an account in the general fund, managed by the Commissioner of Education and Early Development, consisting of legislatively appropriated money and earned interest.

Students may enter the raffle by providing proof of completing and submitting a FAFSA to the U.S. Department of Education during the FAFSA filing period, receiving one entry per monthly drawing and one entry into the annual drawing.

Conducts monthly public drawings awarding $1,000 per month (with no student winning more than one monthly prize) and annual drawings awarding five prizes of $10,000 each after each FAFSA filing period ends.

Amends the definition of "gambling" in AS 11.66.280(3) to explicitly exclude the FAFSA raffle from gambling laws, similar to existing exemptions for the permanent fund dividend raffle.

Takes effect October 1, 2023.