AK SB20

Changes the appropriation limit calculation from a percentage increase over prior year spending to 12 percent of the average real gross domestic product of the state for the five preceding calendar years, using federal economic analysis estimates in current dollars

Removes the previous method of calculating limits based on 5 percent growth plus adjustments for population and inflation changes

Requires the governor to submit a report calculating appropriations against the appropriation limit under AS 37.05.540 with the annual budget and update it with supplemental bills and budget amendments

Includes appropriations for Alaska Permanent Fund dividends in the appropriation limit calculation and excludes appropriations for managing the fund

Makes the act contingent on voter approval of a constitutional amendment to Article IX, Section 16 of the Alaska Constitution; takes effect July 1, 2024