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.

33-LS1292\B33-LS1292\A CS FOR HOUSE BILL NO.

359(RES)359 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-THIRD LEGISLATURE - SECOND SESSION BY THEREPRESENTATIVE HOUSECRONK RESOURCESIntroduced: COMMITTEE Referred:

Finance2/20/24 Sponsor(s):Referred:

REPRESENTATIVEResources, CRONKFinance A BILL FOR AN ACT ENTITLED "An Act relating to the permanent fund dividend and a one-time permanent fund dividend buy-payment out;and land voucher;

AS 38.05 is amended by adding a new section to read:

Sec.

38.05.942.

Permanent fund dividend land vouchers.

The department shall accept a permanent fund dividend land voucher issued by the Department of Revenue under AS 43.23.031 for the purchase of land under this title.

* Sec.

2.

HB0359a -1- HB 359 New Text Underlined [DELETED TEXT BRACKETED] 33-LS1292\A (B) plus the unexpended and unobligated balances of prior fiscal year appropriations that lapse into the dividend fund under AS 43.23.045(d);

(C) less the amount necessary to pay prior year dividends from HB0359b -1- CSHB 359(RES) New Text Underlined [DELETED TEXT BRACKETED] 33-LS1292\B the dividend fund in the current year under AS 43.23.005(h), 43.23.021, and 43.23.055(3) and (7);

(2) determining the number of individuals eligible to receive a dividend payment for the current year, the number of individuals who received alla three permanent fund dividend buy-outpayment payments under AS 43.23.031, and the number of estates and successors eligible to receive a dividend payment for the current year under AS 43.23.005(h);

2.3.

PermanentOne-time permanent fund dividend buy-out.payment.

(a) AnIf an individual who is eligible to receive a permanent fund dividend during calendar year 2026 mayopts opt to receive a one-time permanent fund dividend buy-outpayment under this section.section for calendar year 2026, the department shall (1) subject to appropriation by the legislature, pay to the individual a permanent fund dividend for calendar year 2026 equal to $15,000 in lieu of a permanent fund dividend for calendar year 2026 in the amount determined under AS 43.23.025;

Ifand an(2) individualissue opts to receive a $5,000 permanent fund dividend buy-out,land thevoucher department shall, subject to appropriation by the legislature,individual payfor touse toward the individualpurchase (1)of $5,000state inland calendarby yearthe 2026,applicant inunder additionHB to359 the-2- amountHB0359a ofNew theText permanentUnderlined fund[DELETED dividendTEXT calculatedBRACKETED] under33-LS1292\A AS 43.23.025;38.05.942.

(2)(b) $5,000Notwithstanding inAS calendar43.23.005, yearfor 2027,a incalendar additionyear toafter the2026, amountan of the permanent fund dividend calculated under AS 43.23.025, if the individual applieswho forreceives anda is eligible for the permanent fund dividend inpayment 2027under andthis wassection eligibleshall forreceive a permanent fund dividend inpayment 2026;equal to $0.

(3) $5,000 in calendar year 2028, in addition to the amount of the permanent fund dividend calculated under AS 43.23.025, if the individual applies for and is eligible for the permanent fund dividend in 2028 and applied for and was CSHB 359(RES) -2- HB0359b New Text Underlined [DELETED TEXT BRACKETED] 33-LS1292\B eligible for a permanent fund dividend in 2026 and in 2027.

(b) Notwithstanding AS 43.23.005, for a calendar year after 2028, an individual who receives all three permanent fund dividend buy-out payments shall receive a permanent fund dividend payment equal to $0.

(d) Each year, the commissioner shall transfer from the dividend fund to the general fund an amount equal to the amount that would have been paid to individuals who received all three permanent fund dividend buy-out payments.

(e) The department shall adopt regulations to implement this section.

3.4.

The Department of Revenue shall prepare the application for a permanent fund dividend filed during the application period that begins January 1, 2026, to allow an eligible individual to opt to receive the one-time permanent fund dividend buy-outpayment under AS 43.23.031.

4.5.

HB0359bHB0359a -3- CSHBHB 359(RES)359 New Text Underlined [DELETED TEXT BRACKETED]