Alaska 2023-2024 Regular Session

Alaska House Bill HB90 Compare Versions

Only one version of the bill is available at this time.

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2	2	HB0090a -1- HB 90
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11	11	HOUSE BILL NO. 90
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13	13	IN THE LEGISLATURE OF THE STATE OF ALASKA
14	14
15	15	THIRTY-THIRD LEGISLATURE - FIRST SESSION
16	16
17	17	BY REPRESENTATIVE FIELDS
18	18
19	19	Introduced: 3/1/23
20	20	Referred: House Special Committee on Ways and Means, Finance
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22	22
23	23	A BILL
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25	25	FOR AN ACT ENTITLED
26	26
27	27	"An Act relating to income of the Alaska permanent fund and the amount available for 1
28	28	appropriation; relating to appropriations from the earnings reserve account; relating to 2
29	29	the amount of the permanent fund dividend; and providing for an effective date." 3
30	30	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
31	31	* Section 1. AS 37.13.140 is amended to read: 5
32	32	Sec. 37.13.140. Income. (a) Net income of the fund includes income of the 6
33	33	earnings reserve account established under AS 37.13.145. Net income of the fund shall 7
34	34	be computed annually as of the last day of the fiscal year in accordance with generally 8
35	35	accepted accounting principles, excluding any unrealized gains or losses. [INCOME 9
36	36	AVAILABLE FOR DISTRIBUTION EQUALS 21 PERCENT OF THE NET 10
37	37	INCOME OF THE FUND FOR THE LAST FIVE FISCAL YEARS, INCLUDING 11
38	38	THE FISCAL YEAR JUST ENDED, BUT MAY NOT EXCEED NET INCOME OF 12
39	39	THE FUND FOR THE FISCAL YEAR JUST ENDED PLUS THE BALANCE IN 13
40	40	THE EARNINGS RESERVE ACC OUNT DESCRIBED IN AS 37.13.145.] 14 33-LS0500\A
41	41	HB 90 -2- HB0090a
42	42	New Text Underlined [DELETED TEXT BRACKETED]
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44	44	(b) The corporation shall determine the amount available for appropriation 1
45	45	each year. The amount available for appropriation is five percent of the average 2
46	46	market value of the fund for the first five of the preceding six fiscal years, including 3
47	47	the fiscal year just ended, computed annually for each fiscal year in accordance with 4
48	48	generally accepted accounting principles. The amount available for appropriation 5
49	49	may not exceed the balance in the earnings reserve account described in 6
50	50	AS 37.13.145. In this subsection, "average market value of the fund" includes the 7
51	51	balance of the earnings reserve account established under AS 37.13.145, but does not 8
52	52	include that portion of the principal attributed to the settlement of State v. Amerada 9
53	53	Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District). 10
54	54	* Sec. 2. AS 37.13.145(b) is amended to read: 11
55	55	(b) Each [AT THE END OF EACH] fiscal year, the legislature may 12
56	56	appropriate [CORPORATION SHALL TRANSFER] from the earnings reserve 13
57	57	account to the dividend fund established under AS 43.23.045, the amount necessary 14
58	58	to distribute a dividend of up to $1,000 to each eligible individual [50 PERCENT 15
59	59	OF THE INCOME AVAILABLE FOR DISTRIBUTION UNDER AS 37.13.140]. 16
60	60	* Sec. 3. AS 37.13.145(c) is amended to read: 17
61	61	(c) After the appropriations [TRANSFER] under (b) and (f) [AN 18
62	62	APPROPRIATION UNDER (e)] of this section, the legislature may appropriate 19
63	63	[CORPORATION SHALL TRANSFER] from the earnings reserve account to the 20
64	64	principal of the fund an amount sufficient to offset the effect of inflation on the 21
65	65	principal of the fund during that fiscal year. However, none of the amount transferred 22
66	66	shall be applied to increase the value of that portion of the principal attributed to the 23
67	67	settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First 24
68	68	Judicial District) on July 1, 2004. The corporation shall calculate the amount to 25
69	69	transfer to the principal under this subsection by 26
70	70	(1) computing the average of the monthly United States Consumer 27
71	71	Price Index for all urban consumers for each of the two previous calendar years; 28
72	72	(2) computing the percentage change between the first and second 29
73	73	calendar year average; and 30
74	74	(3) applying that rate to the value of the principal of the fund on the 31 33-LS0500\A
75	75	HB0090a -3- HB 90
76	76	New Text Underlined [DELETED TEXT BRACKETED]
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78	78	last day of the fiscal year just ended, including that portion of the principal attributed 1
79	79	to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, 2
80	80	First Judicial District). 3
81	81	* Sec. 4. AS 37.13.145(d) is amended to read: 4
82	82	(d) Notwithstanding (b) of this section, income earned on money awarded in 5
83	83	or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior 6
84	84	Court, First Judicial District), including settlement, summary judgment, or adjustment 7
85	85	to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned 8
86	86	on the money, or on the earnings of the money shall be treated in the same manner as 9
87	87	other income of the Alaska permanent fund, except that it is not available for 10
88	88	appropriation [DISTRIBUTION] to the dividend fund under (b) of this section, for 11
89	89	an appropriation [TRANSFERS] to the principal under (c) of this section, or for an 12
90	90	appropriation under (f) [(e)] of this section, and shall be annually deposited into the 13
91	91	Alaska capital income fund (AS 37.05.565). 14
92	92	* Sec. 5. AS 37.13.145(f) is amended to read: 15
93	93	(f) Each year, the legislature may appropriate an amount from the 16
94	94	earnings reserve account established under this section to the general fund. The 17
95	95	combined total of the appropriations under this subsection and [TRANSFER 18
96	96	UNDER] (b) of this section [AND AN APPROPRIATION UNDER (e) OF THIS 19
97	97	SECTION] may not exceed the am ount available for appropriation under 20
98	98	AS 37.13.140(b). 21
99	99	* Sec. 6. AS 37.13.300(c) is amended to read: 22
100	100	(c) Net income from the mental health trust fund may not be included in the 23
101	101	computation of the amount [NET INCOME OR MARKET VALUE] available for 24
102	102	[DISTRIBUTION OR] appropriation under AS 37.13.140(b) [AS 37.13.140]. 25
103	103	* Sec. 7. AS 43.23.025(a) is amended to read: 26
104	104	(a) By October 1 of each year, the commissioner shall determine the value of 27
105	105	each permanent fund dividend for that year by 28
106	106	(1) determining the total amount available for dividend payments, 29
107	107	which equals 30
108	108	(A) the amount appropriated [OF INCOME OF THE 31 33-LS0500\A
109	109	HB 90 -4- HB0090a
110	110	New Text Underlined [DELETED TEXT BRACKETED]
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112	112	ALASKA PERMANENT FUND TRANSFERRED] to the dividend fund 1
113	113	under AS 37.13.145(b) during the current year; 2
114	114	(B) plus the unexpended and unobligated balances of prior 3
115	115	fiscal year appropriations that lapse into the dividend fund under 4
116	116	AS 43.23.045(d); 5
117	117	(C) less the amount necessary to pay prior year dividends from 6
118	118	the dividend fund in the current year under AS 43.23.005(h), 43.23.021, and 7
119	119	43.23.055(3) and (7); 8
120	120	(D) less the amount necessary to pay dividends from the 9
121	121	dividend fund due to eligible applicants who, as determined by the department, 10
122	122	filed for a previous year's dividend by the filing deadline but who were not 11
123	123	included in a previous year's dividend computation; 12
124	124	(E) less appropriations from the dividend fund during the 13
125	125	current year, including amounts to pay costs of administering the dividend 14
126	126	program and the hold harmless provisions of AS 43.23.240; 15
127	127	(2) determining the number of individuals eligible to receive a 16
128	128	dividend payment for the current year and the number of estates and successors 17
129	129	eligible to receive a dividend payment for the current year under AS 43.23.005(h); and 18
130	130	(3) dividing the amount determined under (1) of this subsection by the 19
131	131	amount determined under (2) of this subsection. 20
132	132	* Sec. 8. AS 37.13.145(e) is repealed. 21
133	133	* Sec. 9. This Act takes effect immediately under AS 01.10.070(c). 22