HB 231: "An Act relating to income of the Alaska permanent fund, to the Alaska Income Account, and to permanent fund dividends; and providing for an effective date."
00HOUSE BILL NO. 231 01 "An Act relating to income of the Alaska permanent fund, to the Alaska Income 02 Account, and to permanent fund dividends; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.140 is repealed and reenacted to read: 05 Sec. 37.13.140. Income. All income of the fund shall be deposited in the 06 Alaska Income Account established under AS 37.13.145. The balance of the Alaska 07 Income Account shall be determined according to generally accepted accounting 08 principles. Income of the fund includes income of the Alaska Income Account. 09 * Sec. 2. AS 37.13.145 is repealed and reenacted to read: 10 Sec. 37.13.145. Disposition of income. (a) The Alaska Income Account is 11 established as a separate account in the fund. Following the end of each fiscal year, 12 an amount shall be transferred from the account to the general fund that is equal to 13 5.25 percent of the average of the quarter-end market value of the last 20 fiscal year 14 quarters before the fiscal year just ended of
01 (1) the fund, including the Alaska Income Account; and 02 (2) the budget reserve fund (art. IX, sec. 17, Constitution of the State 03 of Alaska). 04 (b) After the transfer under (a) of this section, the commissioner of revenue 05 shall transfer from the general fund to the dividend fund, (AS 43.23.045) 42 percent 06 of the amount transferred to the general fund under (a) of this section. 07 * Sec. 3. AS 37.13.300(c) is amended to read: 08 (c) Net income from the mental health trust fund may not be included in the 09 [COMPUTATION OF NET] income of the Alaska permanent fund [AVAILABLE 10 FOR DISTRIBUTION] under AS 37.13.140. 11 * Sec. 4. AS 37.17.020(b) is amended to read: 12 (b) The endowment shall be held and invested by the Alaska Permanent Fund 13 Corporation subject to AS 37.13.120; however, net income from the endowment shall 14 be distributed under AS 37.17.010 - 37.17.110 and 37.17.225. Net income from the 15 endowment may not be included in the [COMPUTATION OF NET] income of the 16 Alaska permanent fund [AVAILABLE FOR DISTRIBUTION] under AS 37.13.140. 17 * Sec. 5. AS 37.17.440(b) is amended to read: 18 (b) The principal and income of the endowment shall be held and invested by 19 the Alaska Permanent Fund Corporation subject to AS 37.13.120; however, net income 20 from the endowment and subsequent income earned on net income from the 21 endowment shall be held in a separate account until appropriated by the legislature. 22 Net income from the endowment may not be included in the [COMPUTATION OF 23 NET] income of the Alaska permanent fund [AVAILABLE FOR DISTRIBUTION] 24 under AS 37.13.140. 25 * Sec. 6. 1999 PERMANENT FUND DIVIDENDS. Notwithstanding AS 37.13.145(b) and 26 AS 43.23.025, the amount of each permanent fund dividend for 1999 is $1,000. 27 * Sec. 7. TRANSITION. (a) The Alaska Income Account established in AS 37.13.145(a), 28 as repealed and reenacted in sec. 2 of this Act, is the successor to the earnings reserve 29 account, and the balance in the earnings reserve account on the effective date of this section 30 shall be retained in the Alaska Income Account until distributed in accordance with 31 AS 37.13.145, as repealed and reenacted in sec. 2 of this Act.
01 (b) Notwithstanding AS 37.13.145(b), as repealed and reenacted in sec. 2 of this Act, 02 and AS 43.23.025, the amount of each permanent fund dividend for 2000 and each permanent 03 fund dividend for 2001 is $1,000. 04 (c) Notwithstanding AS 37.13.145(a), as repealed and reenacted in sec. 2 of this Act, 05 the amount transferred from the Alaska Income Account to the general fund following the end 06 of 07 (1) fiscal year 2000 is equal to 5.25 percent of the average of the quarter-end 08 market value for the last eight fiscal year quarters before the fiscal year just ended of 09 (A) the Alaska permanent fund (art. IX, sec. 15, Constitution of the 10 State of Alaska), including the Alaska Income Account; and 11 (B) the budget reserve fund (art. IX, sec. 17, Constitution of the State 12 of Alaska); 13 (2) fiscal year 2001 is equal to 5.25 percent of the average of the quarter-end 14 market value for the last 12 fiscal year quarters before the fiscal year just ended of 15 (A) the Alaska permanent fund (art. IX, sec. 15, Constitution of the 16 State of Alaska), including the Alaska Income Account; and 17 (B) the budget reserve fund (art IX, sec. 17, Constitution of the State 18 of Alaska); 19 (3) fiscal year 2002 is equal to 5.25 percent of the average of the quarter-end 20 market value for the last 16 quarters before the fiscal year just ended of 21 (A) the Alaska permanent fund (art. IX, sec. 15, Constitution of the 22 State of Alaska), including the Alaska Income Account; and 23 (B) the budget reserve fund (art. IX, sec. 17, Constitution of the State 24 of Alaska). 25 * Sec. 8. Sections 1 - 5 and 7 of this Act take effect July 2, 1999. 26 * Sec. 9. Section 6 of this Act takes effect immediately under AS 01.10.070(c).