AK SB107

Establishes a new statutory framework for Alaska Permanent Fund management, changing the calculation of income available for distribution from 21 percent of five-year net income to 5 percent of the average market value of the fund over the preceding six fiscal years.

Requires annual transfer of 50 percent of income available for distribution from the earnings reserve account to the dividend fund for permanent fund dividend payments and administrative costs.

Allows the legislature to appropriate amounts from the earnings reserve account to the general fund each fiscal year, with combined transfers and appropriations limited to the lesser of available income or the earnings reserve account balance.

Makes income from the State v. Amerada Hess settlement ineligible for inclusion in the computation of available income and excludes it from dividend fund transfers or legislative appropriations.

Takes effect only if the legislature passes a constitutional amendment by July 1, 2024 requiring annual permanent fund dividends to eligible residents, with an effective date of July 1, 2024 if the amendment passes.