An Act relating to the sale of the Alaska Railroad; and providing for an effective date.

HB 120 requires the Alaska governor to sell the state-owned Alaska Railroad by February 2027, mandating a request for proposals by June 2026. The buyer must commit to operating the railroad for at least 50 years, accept all existing contracts (including labor agreements), and pay a price exceeding the railroad's fair market value or the state's total investment. The legislature must approve the sale agreement during its next session, and the state retains an easement for transportation use along the railroad's right-of-way. Upon sale, the Alaska Railroad Corporation will dissolve, and non-operational property will transfer to the Department of Natural Resources.