Rep. Ashley Carrick introduces legislation to address Alaska’s long-term fiscal challenges and fix the Dividend program

JUNEAU – This week, Representative Ashley Carrick introduced legislation to address Alaska’s long term fiscal challenges by changing the Permanent Fund Dividend formula. 

 

“As a fourth generation, lifelong Alaskan I want to see an Alaska that is prosperous for the next 50 years, not one in which we keep kicking the can down the road from year to year,” said Rep. Ashley Carrick (D-West Fairbanks). “To do this we need to complete the work on establishing a long-term fiscal plan. Many current and former members of the Alaska Legislature have worked hard to establish a long-term fiscal plan, but more work needs to be done. Bringing my experience and energy to the Alaska legislature to help resolve this issue was one of my main motivations to run for office.”

 

House Bill 266 would resolve the conflicting statutes surrounding the 1982 Permanent Fund Dividend formula and the Percent of Market Value draw on the Permanent Fund by repealing the original PFD formula and replacing it with a new, sustainable formula. This new formula designates all discretionary revenue from mineral royalties for the dividend. This has multiple benefits, and gives Alaskans a direct stake in our responsible resource development. This formula also decouples this fluctuating revenue source from our annual budget process.

 

HB 266 would designate 69% of all royalty revenue to the dividend fund for yearly dividends. This equates to all royalty revenue that is not constitutionally dedicated or statutorily designated for other purposes. 

 

Additionally, this bill includes the concept found in HB 45 from Representative Mike Prax that would allow Alaskans to contribute a portion or all of their dividend to the general fund or to the permanent fund if they so choose. 

 

In 2023, Alaskans received a $1,312 PFD. Had this legislation been in effect, Alaskans would have received a $1,631 dividend. 

 

For further information, please contact Rep. Carrick’s office at (907) 465-4976.

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