Denali Commission Reauthorization Act of 2012

Denali Commission Reauthorization Act of 2012 - Amends the Denali Commission Act of 1998 (the Act) to revise requirements concerning the composition of the membership of the Denali Commission. Appoints Commission members to four-year terms.

Directs the Commission, in carrying out construction projects or activities under the Act, to require a cost share of: (1) up to 50% of the total cost of the project or activity; or (2) up to 20% of the total cost of a project or activity carried out in a distressed community. Exempts preconstruction procedures from such cost share requirements.

Requires the Commission to seek comments from rural Alaska communities and other stakeholder groups regarding rural development needs.

Rewrites the duties of the Commission. Instructs Commission members to: (1) advise the Commission regarding coordinated infrastructure planning among and for rural Alaskan communities, the state of Alaska, federal agencies, and other governmental and nongovernmental entities; (2) annually establish a list of priorities of the Commission for such communities; and (3) review ongoing and completed Commission-funded projects and programs. Makes the Cochairperson responsible for Commission operational matters, including budgetary matters.

Revises requirements regarding demonstration health projects. Authorizes appropriations.

Rewrites provisions concerning the powers of the Commission.

Requires the Commission to use the services of the Inspector General of the Department of Commerce.

Makes permanent the authorization of appropriations for the Commission to carry out the Act.

Repeals provisions regarding: (1) the exemption of the Commission from the Federal Advisory Committee Act, and (2) the Economic Development Committee.

Requires the federal Cochairperson to establish a Budget Committee to serve the Commission.