AK HB266

Removes the 21 percent net income distribution formula for permanent fund dividends and instead allows the legislature to appropriate income directly to the dividend fund.

Establishes a new dividend fund provision allowing the legislature to annually appropriate up to 69 percent of mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments, and bonuses received by the state.

Changes inflation adjustment mechanism from an automatic corporate transfer to a discretionary legislative appropriation from the earnings reserve account to the fund principal.

Creates a new option allowing permanent fund dividend recipients to voluntarily contribute $25 or more (in $25 increments) from their dividend payment to the state general fund or permanent fund principal, with 7 percent of contributions used for administrative costs.

Takes effect July 1, 2024.