Imagine getting a nice Direct Payment in the mail — just for living in your state! That’s what’s happening for many Alaskans this June. Thanks to the state’s Permanent Fund Dividend (PFD) program, thousands of residents will get $1,702.
Let’s look at why this matters, who gets it, and how it all works.
A Story from the Last Frontier
Meet Emma, a high schooler from Fairbanks. Every year, her family looks forward to the PFD. Last year, they used the money to fix their old truck, so they could make it through the winter.
Emma says the money always feels like a reward for being an Alaskan — a little boost that helps with life’s expenses, whether it’s groceries, bills, or even a fun family treat.
What Is the Permanent Fund Dividend?
The Permanent Fund Dividend is a yearly payment given to eligible Alaska residents. It’s a way for the state to share its oil money with the people who live there. The fund was created in 1976 when Alaska decided to save some oil profits instead of spending it all at once. This fund has grown into a huge investment account worth over $81 billion! Every year, the state shares part of the fund’s earnings with residents.
Why Does It Matter?
The PFD helps families across Alaska pay for things they need, like heating, food, and even fun activities. It also shows how the state invests in its people, using natural resources to benefit everyone. Some years, the payment is bigger than others, depending on how much money the fund makes.
How Much Will People Get This Year?
This year, each eligible resident will get a payment of $1,403.83, plus an extra $298.17 Energy Relief Payment. That makes a total of $1,702 — about $400 more than last year. In 2022, the biggest PFD payment ever was given out: $3,284! That included a record-high base dividend and a one-time energy relief payment.
PFD Payments Over the Years
| Year | Base Dividend | Energy Relief | Total Payment |
|---|---|---|---|
| 2022 | $2,622.00 | $662.00 | $3,284.00 |
| 2023 | $1,312.00 | $0.00 | $1,312.00 |
| 2024 | $1,403.83 | $298.17 | $1,702.00 |
When Will Payments Be Sent?
The Alaska Department of Revenue says payments will go out on June 18, 2024. To get the money, you had to apply by March 31 and be marked as “Eligible-Not Paid” by May 8. If everything’s in order, you’ll see the money hit your bank account or get mailed soon after.
Who Can Get the Money?
To qualify, you must:
- Live in Alaska for the entire year before payment.
- Plan to keep living in Alaska.
- Not have been convicted or incarcerated for any crimes in Alaska.
- Apply before the March 31 deadline.
Remember, the payment counts as taxable income for both the state and the federal government.
What People Are Saying
Department of Revenue Commissioner Adam Crum shared, “This is the 43rd year Alaskans have received their share of the state’s natural resources and investment earnings. The 2024 PFD will create an economic opportunity across all of our local communities.”
What’s Next?
Lawmakers in Alaska are still deciding how the PFD will work in the future. Oil prices can go up and down, and investment earnings can change. Some lawmakers want to change the formula, cap payments, or even add new taxes to keep the state’s budget balanced.
Conclusion
The Permanent Fund Dividend is more than just a check — it’s a tradition that connects Alaskans to the state’s oil wealth. For people like Emma and her family, it means a little extra help each year. With this year’s payment of $1,702 coming in June, it’s a good reminder that Alaska’s natural resources can make a real difference in people’s lives.
Whether it’s paying for heating, fixing the family car, or saving for the future, the PFD keeps giving back to the people who call Alaska home.
FAQ’s
1. When will the $1,702 payment be sent?
Payments will be sent out on June 18, 2024.
2. Who is eligible to receive the payment?
Alaska residents who meet residency, crime, and application requirements.
3. Is the payment taxable?
Yes, it’s considered taxable income at both state and federal levels.
