AK HJR1

Proposes amending Article IX, Section 16 of the Alaska Constitution to cap state appropriations at a percentage of the average real gross domestic product of Alaska over the preceding five calendar years, with the percentage set by law or 15%, whichever is less

Exempts from the spending limit: Permanent Fund dividends, appropriations to the Permanent Fund, revenue and general obligation bond proceeds and debt service, transfers to accounts requiring subsequent appropriation, disaster response funds, and non-state trust funds

Allows the legislature to exceed the limit for capital improvements with a two-thirds vote of both houses, but total appropriations still cannot exceed 15% of the calculated GDP average

Excludes government spending from the calculation of real gross domestic product used to determine the limit

Would take effect for the fiscal year ending June 30, 2028, and must be approved by voters at the next general election