AK SJR1

Amends Article IX, Section 15 of Alaska Constitution to require that principal and all income from the Alaska Permanent Fund be retained in the general fund, with specific distributions determined annually by law.

Establishes a new formula to calculate available permanent fund distributions each fiscal year based on either five percent of the average market value over the preceding six fiscal years, or twenty-one percent of the preceding five years' net income, whichever calculation method is used.

Requires that fifty percent of the calculated amount be transferred annually from the permanent fund for dividend payments to Alaska residents as provided by law.

Permits the remainder of calculated amounts to be appropriated from the permanent fund to the general fund for state government costs and expenses.

Transitions the earnings reserve account balance as of June 30, 2025, into the permanent fund principal, with new amendment provisions applying to fiscal year 2026 and beyond; amendment requires voter approval at the next general election.