CS for House Bill No. 87(L&C) Summary

• Changes Alaska permanent fund income distribution from 21 percent of five-year average net income to five percent of the average market value of the fund for the preceding six fiscal years, with legislature controlling appropriations rather than automatic transfers by the corporation.

• Allows permanent fund dividend recipients to direct all or part of their dividend payment to be deposited into investment accounts identified by the applicant.

• Expands uniformed services eligibility for permanent fund dividend absences to include Space Force and adds airline crew members, and clarifies educational break/holiday absences for full-time students.

• Requires national criminal history record checks for Department of Revenue employees administering the permanent fund dividend program, with fingerprints submitted to the Federal Bureau of Investigation.

• Takes effect January 1, 2024, except for immediate provisions regarding criminal history checks and regulatory authority; amendments to dividend eligibility rules apply starting with the 2024 qualifying year for 2025 dividends.