The Alaska House of Representatives is mulling an amendment to the state Constitution that would guarantee residents a Permanent Fund dividend payment according to a set formula every year. The House began floor debate on the measure Wednesday.
Prior to that, dividends were paid out according to a formula in state law based on the Permanent Fund’s net income. Though it’s no longer used, the formula remains on the books in state statute. The amendment would require the state to use the old formula unless lawmakers adopt a new one.But opponents say the amendment would require the state to pay out dividends it can’t afford under an obsolete formula. A roughly $3,500 dividend under the existing formula would cost the state some $2.
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