HCS CSSB 107(W&M): "An Act relating to the Alaska permanent fund; relating to income of the Alaska permanent fund; relating to the amount available for appropriation and appropriations from the earnings reserve account; relating to the permanent fund dividend; and providing for an effective date."
00 HOUSE CS FOR CS FOR SENATE BILL NO. 107(W&M) 01 "An Act relating to the Alaska permanent fund; relating to income of the Alaska 02 permanent fund; relating to the amount available for appropriation and appropriations 03 from the earnings reserve account; relating to the permanent fund dividend; and 04 providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 LEGISLATIVE INTENT. It is the intent of the legislature to 09 (1) pass a constitutional amendment that 10 (A) requires the payment of permanent fund dividends to eligible state 11 residents; and 12 (B) provides that the payment of permanent fund dividends is a 13 constitutionally allowable dedication of funds; 14 (2) establish, in this Act, the statutory maximum annual draw on the earnings
01 reserve account as a percent of the market value of that account; 02 (3) establish, in this Act, the statutory amount of the annual permanent fund 03 dividend. 04 * Sec. 2. AS 37.13.140 is amended to read: 05 Sec. 37.13.140. Income. (a) Net income of the fund includes income of the 06 earnings reserve account established under AS 37.13.145. Net income of the fund shall 07 be computed annually as of the last day of the fiscal year in accordance with generally 08 accepted accounting principles, excluding any unrealized gains or losses. [INCOME 09 AVAILABLE FOR DISTRIBUTION EQUALS 21 PERCENT OF THE NET 10 INCOME OF THE FUND FOR THE LAST FIVE FISCAL YEARS, INCLUDING 11 THE FISCAL YEAR JUST ENDED, BUT MAY NOT EXCEED NET INCOME OF 12 THE FUND FOR THE FISCAL YEAR JUST ENDED PLUS THE BALANCE IN 13 THE EARNINGS RESERVE ACCOUNT DESCRIBED IN AS 37.13.145.] 14 (b) The corporation shall determine the amount available for distribution 15 [APPROPRIATION] each year. The amount available for distribution 16 [APPROPRIATION] is five percent of the average market value of the fund for the 17 first five of the preceding six fiscal years, including the fiscal year just ended, 18 computed annually for each fiscal year in accordance with generally accepted 19 accounting principles. In this subsection, "average market value of the fund" includes 20 the balance of the earnings reserve account established under AS 37.13.145, but does 21 not include that portion of the principal attributed to the settlement of State v. 22 Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District). 23 * Sec. 3. AS 37.13.145(b) is amended to read: 24 (b) Each [AT THE END OF EACH] fiscal year, the corporation shall transfer 25 from the earnings reserve account to the dividend fund established under 26 AS 37.13.470 [AS 43.23.045], 50 percent of the income available for distribution 27 under AS 37.13.140(b) for the payment of permanent fund dividends and for 28 administrative and associated costs for the fiscal year. A transfer under this 29 subsection may not exceed the balance of the earnings reserve account 30 [AS 37.13.140]. 31 * Sec. 4. AS 37.13.145(d) is amended to read:
01 (d) Notwithstanding (b) of this section, income earned on money awarded in 02 or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior 03 Court, First Judicial District), including settlement, summary judgment, or adjustment 04 to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned 05 on the money, or on the earnings of the money shall be treated in the same manner as 06 other income of the Alaska permanent fund, except that it may not be included in the 07 computation of the income available for distribution, is not available for transfer 08 [DISTRIBUTION] to the dividend fund [, FOR TRANSFERS TO THE PRINCIPAL] 09 under (b) [(c)] of this section [,] or for an appropriation under (e) of this section, and 10 shall be annually deposited into the Alaska capital income fund (AS 37.05.565). 11 * Sec. 5. AS 37.13.145(e) is amended to read: 12 (e) Each fiscal year, the [THE] legislature may [NOT] appropriate an 13 amount from the earnings reserve account to the general fund [A TOTAL AMOUNT 14 THAT EXCEEDS THE AMOUNT AVAILABLE FOR APPROPRIATION UNDER 15 AS 37.13.140(b) IN A FISCAL YEAR]. 16 * Sec. 6. AS 37.13.145(f) is amended to read: 17 (f) Each fiscal year, the [THE] combined total of the transfer under (b) of this 18 section and an appropriation under (e) of this section may not exceed the lesser of 19 (1) the amount available for distribution [APPROPRIATION] under 20 AS 37.13.140(b); or 21 (2) the balance of the earnings reserve account. 22 * Sec. 7. AS 37.13.300(c) is amended to read: 23 (c) Net income from the mental health trust fund may not be included in the 24 computation of the [NET] income [OR MARKET VALUE] available for distribution 25 [OR APPROPRIATION] under AS 37.13.140(b) [AS 37.13.140]. 26 * Sec. 8. AS 37.13.145(c) is repealed. 27 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 28 read: 29 CONDITIONAL EFFECT. This Act takes effect only if, by July 1, 2024, the 30 legislature passes a resolution proposing an amendment to art. IX, sec. 15, Constitution of the 31 State of Alaska, that requires an annual permanent fund dividend be paid to eligible residents
01 of the state. 02 * Sec. 10. If this Act takes effect, it takes effect July 1, 2024.