AK SB240

Creates two new funds: the Senior Citizen Grants Endowment Fund and the Senior Citizen Grants Dividend Raffle Fund to support organizations serving senior citizens in Alaska

Allows permanent fund dividend applicants age 18+ to donate $100 or more (in $100 increments) from their dividend to senior citizen grants and enter a raffle

Distributes donations as follows: 25% to the endowment fund, 25% to the raffle fund, and 50% to the Department of Health for grants to organizations providing meals (50%), transportation (25%), and supportive housing (25%) for seniors

Establishes an annual public raffle drawing with prizes of 8%, 4%, 2%, and 1% of the raffle fund balance for the first through fourth winners

When the endowment fund exceeds $1 billion average market value, 4.5% of the five-year average will transfer annually to the Department of Health for senior citizen grants; applies to dividends applied for on or after January 1, 2027