CS FOR HOUSE BILL NO. 45(W&M) - Summary

• Creates a new section (AS 43.23.135) allowing applicants to voluntarily contribute permanent fund dividend payments to the state general fund or permanent fund principal in increments of 10 percent up to the full dividend amount.

• Establishes a three-tier priority system for contributions and donations: (1) contributions under AS 43.23.130, (2) donations under AS 43.23.230, and (3) contributions under AS 43.23.135, when total elected contributions and donations exceed the dividend amount.

• Prohibits public agencies claiming dividends on behalf of individuals from electing to make contributions under the new section.

• Requires the dividend application include the new contribution option in a separate section from existing contribution options under AS 43.23.130.

• Specifies that administrative costs for implementing the new contribution option cannot be paid from the contributions themselves or the dividend fund.