The state of Alaska has consistently provided economic stimulus checks to its residents, thanks to the Permanent Fund Dividend (PFD). This fund, established in 1976, is sustained by profits from the state’s natural resources, primarily oil and minerals. By law, these profits must be shared with Alaska residents who meet specific criteria. This week, the final payment for the 2023 fiscal year will be distributed.
The amount of this payment will be $1,312, and distribution will begin on September 12, 2024. Although this marks the last payment for the 2023 PFD, Alaska’s Department of Revenue has already announced that the 2024 payments will start soon after, based on the year’s earnings.
What is the permanent stimulus check Fund Dividend?
The Alaska Permanent Fund Dividend is a unique program in the U.S. that ensures a portion of the profits generated by the state’s natural resources, such as oil and gas, is distributed directly to its residents. Created in 1976, this program was designed to ensure that the wealth generated from these resources benefits not only the government but also the people who live in Alaska.
Unlike a one-time stimulus check, the PFD operates more like a form of universal basic income. Every year, it distributes money to eligible residents who have submitted an application within the specified timeframe. As long as they meet the residency requirements, Alaskans can count on receiving a check annually.
How does the PFD payment work?
Each year, Alaska’s Department of Revenue calculates the dividend amount based on the profits generated from the state’s natural resource exploitation during the previous fiscal year. The funds are then distributed to residents who meet the eligibility criteria and have submitted their applications before the deadline, typically at the end of March.
For the fiscal year 2023, the check set to be distributed this week will amount to $1,312. Payments will be made to residents whose applications have been approved and have the status “Eligible-Not Paid” in their records. The deposit is scheduled for September 12, 2024, according to the official dates posted on the PFD’s website.
Last chance to receive the 2023 check
This week’s payment will be the final one for the 2023 Permanent Fund Dividend. However, this does not mean that no more payments will be issued. The Alaska Department of Revenue will continue distributing the checks for 2024 in the upcoming months, but this round will conclude the 2023 payments.
Residents who have not yet received their 2023 check but believe they are eligible should reach out to the Department of Revenue to ensure that their application is in order and to find out when they can expect to receive their payment.
How are the checks distributed?
There are two primary ways residents can receive their PFD payments: through direct deposit into a bank account or by receiving a paper check via mail. Most residents opt for direct deposit, as it is quicker and more secure. However, those who prefer to receive a paper check should be prepared for a slight delay due to mailing times.
Eligibility requirements for receiving the dividend
To qualify for the PFD check, Alaska residents must meet several basic criteria. One of the main requirements is that applicants must have lived in the state for at least a full year, specifically during the fiscal year for which the dividend is being requested. In addition, applicants must not have been incarcerated or have significant criminal records that could disqualify them from receiving the payment.
Another important factor is that individuals wishing to receive this dividend must submit their applications within the specified deadline. For 2023, the application deadline was at the end of March. The same rule applied for 2024, and those who missed the deadline will not be able to receive the dividend for that year.