00                            HOUSE BILL NO. 547                                                                          
01 "An Act relating to the dividends of individuals claiming allowable absences; and                                       
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 43.23 is amended by adding a new section to read:                                                 
05            Sec. 43.23.009.  Dividends of individuals with allowable absences.  (a)                                    
06       Notwithstanding other provisions regarding payment of dividends, the dividend of an                               
07       individual who was absent from the state during the qualifying year as allowed in                                 
08       AS 43.23.008(a)(1) - (8) or (10) - (13) shall be paid to that individual on the first                             
09       subsequent year that the individual is eligible for a dividend without claiming an                                
10       allowable absence under AS 43.23.008(a)(1) - (8) or (10) - (13).  A dividend that has                             
11       not become payable under this subsection may not be paid under AS 43.23.005(h).                                   
12            (b)  If an individual who is eligible for a dividend that has not became payable                             
13       under (a) of this section fails to be eligible for a subsequent year dividend, the                                
14       individual's eligibility for the dividend that has not become payable under (a) of this                           

01       section is terminated, and that dividend may not be paid.                                                         
02            (c)  Notwithstanding other provisions, a dividend that has not become payable                                
03       to an individual under (a) of this section is not subject to levy, execution, garnishment,                        
04       attachment, or any other remedy for the collection of debt until that dividend becomes                            
05       payable or is paid to the individual.                                                                             
06    * Sec. 2.  AS 43.23.025(a) is amended to read:                                                                     
07            (a)  By October 1 of each year, the commissioner shall determine the value of                                
08       each permanent fund dividend for that year by                                                                     
09                 (1)  determining the total amount available for dividend payments,                                      
10       which equals                                                                                                      
11                      (A)  the amount of income of the Alaska permanent fund                                             
12            transferred to the dividend fund under AS 37.13.145(b) during the current year;                              
13                      (B)  plus the unexpended and unobligated balances of prior                                         
14            fiscal year appropriations that lapse into the dividend fund under                                           
15            AS 43.23.045(d);                                                                                             
16                      (C)  less the amount necessary to pay prior year dividends from                                    
17            the dividend fund in the current year under AS 43.23.005(h), 43.23.009, and                              
18            under AS 43.23.055(3) and (7);                                                                               
19                      (D)  less the amount necessary to pay dividends from the                                           
20            dividend fund due to eligible applicants who, as determined by the department,                               
21            filed for a previous year's dividend by the filing deadline but who were not                                 
22            included in a previous year's dividend computation;                                                          
23                      (E)  less appropriations from the dividend fund during the                                         
24            current year, including amounts to pay costs of administering the dividend                                   
25            program and the hold harmless provisions of AS 43.23.075;                                                    
26                 (2)  determining the number of individuals eligible to receive a                                        
27       dividend payment for the current year and the number of estates and successors                                    
28       eligible to receive a dividend payment for the current year under AS 43.23.005(h); and                            
29                 (3)  dividing the amount determined under (1) of this subsection by the                                 
30       amount determined under (2) of this subsection.                                                                   
31    * Sec. 3.  This Act takes effect January 1, 2005.