HJR 7 - Constitutional Amendment Summary

• Amends Alaska Constitution Article IX, Section 15 to establish an earnings reserve account within the Alaska Permanent Fund to receive all income from the permanent fund, replacing the previous deposit to the general fund.

• Creates a new constitutional requirement for annual transfers without appropriation from the earnings reserve account to the general fund, with the transfer amount determined by a formula set in law and not exceeding the account balance.

• Requires the State to pay annual dividends to eligible Alaska residents without appropriation, according to a formula set in law, from amounts transferred to the general fund under the new provision.

• Modifies Article IX, Section 7 to allow dedications of state tax or license proceeds for permanent fund transfers and dividend payments, creating exceptions to the prohibition on dedicated funds.

• Establishes a transition period with the amendment effective for fiscal year ending June 30, 2026, and requires consolidation of earnings reserve account balances by June 30, 2025.

• Places the proposed amendments before Alaska voters at the next general election for ratification.