Alaska residents can count on the yearly Permanent Fund Dividend (PFD) payments, a form of financial relief derived from the state’s natural resources, primarily oil and minerals. This week, the final payment for the 2023 fiscal year will be distributed, providing eligible Alaskans with $1,312. As the 2023 payments wrap up, the state has already announced that the 2024 PFD payments will begin soon, based on the year’s profits.
Permanent Fund Dividend
The Alaska Permanent Fund Dividend is a unique program that distributes a portion of the state’s natural resource profits directly to its residents. Established in 1976, the PFD was created to ensure that the wealth generated from Alaska’s oil, gas, and mineral industries benefits not only the government but also the people living in the state.
Unlike a one-time economic stimulus check, the PFD functions more like universal basic income. Eligible residents receive an annual payout, provided they meet specific criteria and submit their applications on time. This ensures that the financial rewards from the state’s natural resources are shared with the community each year.
PFD Payment
Each year, Alaska’s Department of Revenue calculates the PFD amount based on the previous year’s natural resource profits. For fiscal year 2023, the final payment of $1,312 will be distributed starting on September 12, 2024. This payout will go to residents who applied before the March deadline and have the status “Eligible-Not Paid” in their records.
The PFD application process typically closes at the end of March each year, and those who meet the eligibility requirements can expect their check after approval. Residents who missed the 2023 deadline won’t receive a payment, but the application window for 2024 has already closed as well.
| Year | PFD Payment Amount | Application Deadline |
|---|---|---|
| 2023 | $1,312 | March 31, 2023 |
| 2024 | TBD | March 31, 2024 |
Last Chance
This week’s $1,312 payment is the final check for the 2023 fiscal year. Alaska’s Department of Revenue will soon begin processing payments for 2024, but this marks the end of the 2023 cycle. Residents who believe they’re eligible but haven’t received their 2023 check should contact the Department of Revenue to verify their application status and ensure they receive the payment they’re entitled to.
Payments
Alaska residents have two options for receiving their PFD payments:
- Direct Deposit: Most residents choose this method as it is faster and more secure. Payments are directly deposited into a designated bank account.
- Paper Check: Residents who prefer to receive a paper check can expect a delay due to mailing times.
Direct deposit ensures quicker access to the funds, while paper checks may take additional time to arrive.
Eligibility
To receive the PFD, applicants must meet specific criteria:
- Residency: Applicants must have lived in Alaska for at least a full year during the fiscal year for which the dividend is requested.
- Criminal Record: Applicants cannot have been incarcerated or have significant criminal records that would disqualify them.
- Application Deadline: Residents must submit their applications by the end of March each year to be eligible for that year’s dividend. For the 2023 payment, the deadline was March 31, 2023, and the same applies for 2024.
Applicants who meet these requirements and submit on time will receive their annual dividend. Missing the deadline or failing to meet the criteria results in ineligibility for that year.
The Alaska Permanent Fund Dividend provides significant financial relief to residents by distributing a portion of the state’s natural resource profits. With the final 2023 payments being distributed this week, eligible Alaskans will receive $1,312. As the state gears up for the 2024 payments, it’s essential for residents to ensure they’ve submitted their applications on time and meet all eligibility requirements.
FAQs
When will the 2023 PFD payment be distributed?
The 2023 PFD payment of $1,312 will be distributed starting September 12, 2024.
How do I know if I qualify for the PFD?
To qualify, you must have lived in Alaska for at least a year, submitted an application by the deadline, and meet the residency and legal criteria.
What is the deadline for applying for the PFD?
The deadline for both 2023 and 2024 applications was March 31 of the respective year.
Can I receive the PFD via direct deposit?
Yes, most residents opt for direct deposit as it’s quicker and more secure.
How are PFD amounts calculated?
The PFD amount is based on the profits generated from Alaska’s natural resources in the previous fiscal year.
