HB 359: "An Act relating to the permanent fund dividend and a one-time permanent fund dividend payment and land voucher; and providing for an effective date."
00 HOUSE BILL NO. 359 01 "An Act relating to the permanent fund dividend and a one-time permanent fund 02 dividend payment and land voucher; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 38.05 is amended by adding a new section to read: 05 Sec. 38.05.942. Permanent fund dividend land vouchers. The department 06 shall accept a permanent fund dividend land voucher issued by the Department of 07 Revenue under AS 43.23.031 for the purchase of land under this title. 08 * Sec. 2. AS 43.23.025(a) is amended to read: 09 (a) By October 1 of each year, the commissioner shall determine the value of 10 each permanent fund dividend for that year by 11 (1) determining the total amount available for dividend payments, 12 which equals 13 (A) the amount of income of the Alaska permanent fund 14 transferred to the dividend fund under AS 37.13.145(b) during the current year;
01 (B) plus the unexpended and unobligated balances of prior 02 fiscal year appropriations that lapse into the dividend fund under 03 AS 43.23.045(d); 04 (C) less the amount necessary to pay prior year dividends from 05 the dividend fund in the current year under AS 43.23.005(h), 43.23.021, and 06 43.23.055(3) and (7); 07 (D) less the amount necessary to pay dividends from the 08 dividend fund due to eligible applicants who, as determined by the department, 09 filed for a previous year's dividend by the filing deadline but who were not 10 included in a previous year's dividend computation; 11 (E) less appropriations from the dividend fund during the 12 current year, including amounts to pay costs of administering the dividend 13 program and the hold harmless provisions of AS 43.23.240; 14 (2) determining the number of individuals eligible to receive a 15 dividend payment for the current year, the number of individuals who received a 16 permanent fund dividend payment under AS 43.23.031, and the number of estates 17 and successors eligible to receive a dividend payment for the current year under 18 AS 43.23.005(h); and 19 (3) dividing the amount determined under (1) of this subsection by the 20 amount determined under (2) of this subsection. 21 * Sec. 3. AS 43.23 is amended by adding a new section to article 1 to read: 22 Sec. 43.23.031. One-time permanent fund dividend payment. (a) If an 23 individual who is eligible to receive a permanent fund dividend during calendar year 24 2026 opts to receive a one-time permanent fund dividend payment under this section 25 for calendar year 2026, the department shall 26 (1) subject to appropriation by the legislature, pay to the individual a 27 permanent fund dividend for calendar year 2026 equal to $15,000 in lieu of a 28 permanent fund dividend for calendar year 2026 in the amount determined under 29 AS 43.23.025; and 30 (2) issue a $5,000 permanent fund dividend land voucher to the 31 individual for use toward the purchase of state land by the applicant under
01 AS 38.05.942. 02 (b) Notwithstanding AS 43.23.005, for a calendar year after 2026, an 03 individual who receives a permanent fund dividend payment under this section shall 04 receive a permanent fund dividend payment equal to $0. 05 (c) This section does not prohibit an individual from applying for a permanent 06 fund dividend, or the department from determining the eligibility of the individual, for 07 the purpose of qualifying for another state program or benefit, or determining the 08 individual's residency. 09 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 2026 DIVIDEND APPLICATION. The Department of Revenue shall prepare the 12 application for a permanent fund dividend filed during the application period that begins 13 January 1, 2026, to allow an eligible individual to opt to receive the one-time permanent fund 14 dividend payment under AS 43.23.031. 15 * Sec. 5. This Act takes effect January 1, 2026.