AK SJR4

Proposes a constitutional amendment to replace Alaska's existing appropriation limit with a new formula based on a percentage of the state's average real gross domestic product over the five preceding calendar years, with the percentage set by law or capped at 15%, whichever is less

Excludes from the spending limit: Alaska 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 money received from non-state sources for specific purposes

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

Eliminates the current $2.5 billion baseline (adjusted for population and inflation since 1981) and removes the existing one-third capital project reservation requirement and three-fourths supermajority/voter approval provisions for exceeding limits

Takes effect for the fiscal year ending June 30, 2028, and requires voter approval at the next general election