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HB0209a -1- HB 209
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HOUSE BILL NO. 209
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FOURTH LEGISLATURE - FIRST SESSION
BY REPRESENTATIVE FIELDS
Introduced: 4/28/25
Referred: Judiciary, Finance
A BILL
FOR AN ACT ENTITLED
"An Act relating to the Alaska pe rmanent fund; relating to inco me of the Alaska 1
permanent fund; relating to the amount available for appropriat ion and appropriations 2
from the earnings reserve account; relating to the permanent fu n d d i v i d e n d ; a n d 3
providing for an effective date." 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 5
* Section 1. AS 37.13.140(a) is amended to read: 6
(a) [NET INCOME OF THE FUND INCLUDES INCOME OF THE 7
EARNINGS RESERVE ACCOUNT EST ABLISHED UNDER AS 37.13.145.] Net 8
income of the fund shall be computed annually as of the last da y of the fiscal year in 9
accordance with generally accepted accounting principles, exclu ding any unrealized 10
gains or losses. [INCOME AVAILABLE FOR DISTRIBUTION EQUALS 21 11
PERCENT OF THE NET INCOME OF THE FUND FOR THE LAST FIVE FISCAL 12
YEARS, INCLUDING THE FISCAL YEAR JUST ENDED, BUT MAY NOT 13
EXCEED NET INCOME OF THE FUND FOR THE FISCAL YEAR JUST ENDED 14
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HB 209 -2- HB0209a
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PLUS THE BALANCE IN THE EARNINGS RESERVE ACCOUNT DESCRIBED 1
IN AS 37.13.145.] 2
* Sec. 2. AS 37.13.145(b) is amended to read: 3
(b) Each [AT THE END OF EACH] fiscal year, the legislature may 4
appropriate [CORPORATION SHALL TRANSFER] from the earnings reserve 5
account to the dividend fund established under AS 43.23.045 the amount necessary 6
to distribute a dividend of $1,000 to each eligible resident, a s determined under 7
AS 43.23.005 - 43.23.015 [, 50 PERCENT OF THE INCOME AVAILABLE FOR 8
DISTRIBUTION UNDER AS 37.13.140]. 9
* Sec. 3. AS 37.13.145(c) is amended to read: 10
(c) After the appropriations [TRANSFER] under (b) and [AN 11
APPROPRIATION UNDER] (e) of this section, the legislature may appropriate 12
[CORPORATION SHALL TRANSFER] from the earnings reserve account to the 13
principal of the fund an amount sufficient to offset the effect of inflation on the 14
principal of the fund during that fiscal year. However, none of the amount 15
appropriated [TRANSFERRED] shall be applied to increase the value of that p ortion 16
of the principal attributed to the settlement of State v. Amera da Hess, et al., 1JU-77-17
847 Civ. (Superior Court, First Judicial District) on July 1, 2004. The corporation shall 18
calculate the amount to appropriate [TRANSFER] to the principal under this 19
subsection by 20
(1) computing the average of the monthly United States Consume r 21
Price Index for all urban consumers for each of the two previous calendar years; 22
(2) computing the percentage change between the first and seco nd 23
calendar year average; and 24
(3) applying that rate to the value of the principal of the fu nd on the 25
last day of the fiscal year just ended, including that portion of the principal attributed 26
to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, 27
First Judicial District). 28
* Sec. 4. AS 37.13.145(d) is amended to read: 29
(d) Notwithstanding (b) of th is section, income earned on mone y awarded in 30
or received as a result of State v. Amerada Hess, et al., 1JU-7 7-847 Civ. (Superior 31
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HB0209a -3- HB 209
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Court, First Judicial District), including settlement, summary judgment, or adjustment 1
to a royalty-in-kind contract tha t is tied to the outcome of th is case, or interest earned 2
on the money, or on the earnings of the money shall be treated in the same manner as 3
other income of the Alaska permanent fund, except that it is no t available for 4
appropriation [DISTRIBUTION] to the dividend fund under (b) of this section , for 5
an appropriation [TRANSFERS] to the principal under (c) of this section, or for an 6
appropriation under (e) of this section, and shall be annually deposited into the Alaska 7
capital income fund (AS 37.05.565). 8
* Sec. 5. AS 37.13.145(f) is amended to read: 9
(f) The combined total of appropriations [THE TRANSFER] under (b) [OF 10
THIS SECTION] and [AN APPROPRIATION UNDER] (e) of this section may not 11
exceed the amount available for appropriation under AS 37.13.140(b). 12
* Sec. 6. AS 37.13.300(c) is amended to read: 13
(c) Net income from the mental health trust fund may not be in cluded in the 14
computation of net income or mar ket value available for [DISTRI BUTION OR] 15
appropriation under AS 37.13.140(b) [AS 37.13.140]. 16
* Sec. 7. AS 43.23.005(a) is amended to read: 17
(a) An individual is eligible to receive one permanent fund di vidend each year 18
[IN AN AMOUNT TO BE DETERMINED UNDER AS 43.23.025] if the individual 19
(1) applies to the department; 20
(2) is a state resident on the date of application; 21
(3) was a state resident during the entire qualifying year; 22
(4) has been physically present in the state for at least 72 c onsecutive 23
hours at some time during the prior two years before the current dividend year; 24
(5) is 25
(A) a citizen of the United States; 26
(B) an alien lawfully admitted for permanent residence in the 27
United States; 28
(C) an alien with refugee status under federal law; or 29
(D) an alien that has been granted asylum under federal law; 30
(6) was, at all times during the qualifying year, physically p resent in 31
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the state or, if absent, was absent only as allowed in AS 43.23.008; [AND] 1
(7) was in compliance during the qualifying year with the mili tary 2
selective service registration requirements imposed under 50 U. S.C. App. 453 3
(Military Selective Service Act), if those requirements were ap plicable to the 4
individual, or has come into compliance after being notified of the lack of compliance; 5
and 6
(8) for the qualifying year, 7
(A) is exempt from filing a federal income tax return 8
because the individual has less income than is required to file a f e d e r a l 9
income tax return; or 10
(B) has a federal adjusted gross income of 11
(i) $50,000 or less for an individual who filed a 12
federal income tax return as single, married filing separately, head 13
of household, or qualifying surviving spouse; 14
(ii) $100,000 or less of com bined income for an 15
individual who filed a federal income tax return as married fil ing 16
jointly. 17
* Sec. 8. AS 43.23.028(a) is amended to read: 18
(a) The [ B Y O C T O B E R 1 O F E A C H Y E A R , T H E C O M M I S S I O N E R 19
SHALL GIVE PUBLIC NOTICE OF THE VALUE OF EACH PERMANENT FUND 20
DIVIDEND FOR THAT YEAR AND NOTICE OF THE INFORMATION 21
REQUIRED TO BE DISCLOSED UNDER (3) OF THIS SUBSECTION. IN 22
ADDITION, THE] stub attached to each individual dividend disbur sement advice 23
must 24
(1) disclose the amount of each d ividend attributable to income earned 25
by the permanent fund from deposits to that fund required under art. IX, sec. 15, 26
Constitution of the State of Alaska; 27
(2) disclose the amount of each d ividend attributable to income earned 28
by the permanent fund from appr opriations to that fund and from amounts added to 29
that fund to offset the effects of inflation; 30
(3) [DISCLOSE THE AMOUNT BY WHICH EACH DIVIDEND 31
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HAS BEEN REDUCED DUE TO EACH APPROPRIATION FROM THE 1
DIVIDEND FUND, INCLUDING AMOUNTS TO PAY THE COSTS OF 2
ADMINISTERING THE DIVIDEND PROGRAM AND THE HOLD HARMLESS 3
PROVISIONS OF AS 43.23.240; 4
(4)] include a statement that an individual is not eligible for a dividend 5
when, 6
(A) during the qualifying year, the individual was convicted o f 7
a felony; 8
(B) during all or part of the qualifying year, the individual was 9
incarcerated as a result of the conviction of a 10
(i) felony; or 11
(ii) misdemeanor if the individual has been convicted of 12
a prior felony or two or more prior misdemeanors; 13
(4) [(5)] include a statement that the legislative purpose for mak ing 14
individuals listed under (3) [(4)] of this subsection ineligible is to 15
(A) provide funds for services for and payments to crime 16
victims and operating costs of the Violent Crimes Compensation Board; 17
(B) provide funds to pay restitution owed to crime victims; 18
(C) provide funds for grants to nonprofit organizations for 19
services for crime victims and for mental health services and s ubstance abuse 20
treatment for offenders; 21
(D) provide funds for the office of victims' rights; 22
(E) provide funds to the Counc il on Domestic Violence and 23
S e x u a l A s s a u l t f o r g r a n t s f o r the operation of domestic violenc e and sexual 24
assault programs; and 25
(F) obtain reimbursement for som e of the costs imposed on the 26
Department of Corrections related to incarceration or probation of those 27
individuals; 28
(5) [(6)] disclose the total amount that would have been paid during the 29
previous fiscal year to individuals who were ineligible to rece ive dividends under 30
AS 43.23.005(d) if they had been eligible; 31
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HB 209 -6- HB0209a
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(6) [(7)] disclose the total amount transferred or appropriated fo r the 1
current fiscal year under AS 43.23.048 for each of the accounts , funds, and agencies 2
listed in AS 43.23.048. 3
* Sec. 9. AS 43.23.045(d) is amended to read: 4
(d) Unless specified otherwise in an appropriation act, the un expended and 5
unobligated balance of an appropriation to implement this chapt er lapses into the 6
dividend fund on June 30 of the fis cal year for which the appro priation was made and 7
shall be used in [DETERMINING THE AMOUNT OF AND] paying the sub sequent 8
year's dividend [AS PROVIDED IN AS 43.23.025(a)(1)(B)]. 9
* Sec. 10. AS 43.23.025(a) and 43.23.028(b) are repealed. 10
* Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section to 11
read: 12
APPLICABILITY. AS 37.13.145(b), as amended by sec. 2 of this Ac t, 13
AS 43.23.005(a), as amended by sec. 7 of this Act, and AS 43.23 .028(a), as amended by sec. 14
8 of this Act, apply to the p ermanent fund dividend 2025 qualif ying year for the 2026 15
dividend year and thereafter. 16
* Sec. 12. This Act takes effect immediately under AS 01.10.070(c). 17