AK HB72

Eliminates the previous 21 percent distribution formula for Alaska Permanent Fund income and replaces it with a 5 percent payout rule based on average market value of the fund over the preceding five fiscal years.

Changes dividend fund allocation from 50 percent to 25 percent of income available for distribution, with the remaining 75 percent going to the general fund instead of automatic corporation transfers.

Shifts from mandatory automatic fund transfers by the corporation to discretionary legislative appropriations for dividend payments and inflation-proofing of principal.

Designates income from the State v. Amerada Hess settlement to be deposited into the Alaska capital income fund rather than being available for general fund or dividend distributions.

Takes effect immediately upon enactment.