On August 15, 2024, eligible Americans in Alaska will receive a $1,312 payment as part of the state’s Permanent Fund Dividend (PFD) program. This payment, often called a “stimulus check,” is a significant financial boon for many residents, coming when economic challenges remain prevalent across the country.
What is the PFD program?
The Permanent Fund Dividend (PFD) is unique to Alaska, where a portion of the state’s oil revenue is distributed to eligible residents annually. Established in 1976, the program is funded by the Alaska Permanent Fund, which was created to manage the state’s oil wealth responsibly and ensure that all Alaskans benefit from the state’s natural resources. The fund has grown substantially over the decades, and each year, residents receive a dividend payment from the earnings of this fund.
The PFD is intended to share the state’s wealth with its residents and support economic stability, especially in a state where the cost of living can be significantly higher than in other parts of the country.
Who is eligible for the $1,312 PFD payment?
To be eligible for the 2024 PFD payment, individuals must meet specific residency and application requirements. Generally, the requirements include:
- Residency: Applicants must be full-time residents of Alaska for the entire calendar year before the dividend year. For the 2024 PFD, this means individuals must have been residents throughout 2023.
- Application: Eligible residents must have completed and submitted their PFD application by August 7, 2024. Those who did not apply or whose applications were incomplete by this date will not receive the payment.
- Absence Allowance: If absent from Alaska for more than 180 days, the absence must be allowable.
- No Other Residency: Not have applied for received residency in another state or country since December 31, 2022
- Intent to Stay: Intend to remain an Alaska resident indefinitely on the application date.
- Criminal Record: Must not have been convicted of a felony in 2023 or incarcerated for a felony or certain misdemeanors.
How to claim your $1,312 stimulus
Here are the steps to ensure you get the PFD stimulus check.
- Verify Eligibility: Go through the eligibility criteria and ensure you check the box for every one of them.
- Submit Application: Use the official website of the Alaska Department of Revenue to submit your application before the deadline.
- Check Status: Visit the website to ensure that the “MyPFD” section is marked as “Eligible—Not Paid” by July 10, 2024.
- Update Information: The information on the website is meant to be up-to-date. If your address has changed, update it through the Address Change Form on the PFD website to prevent payment delays.
Payment dates and distribution
The Alaska $1,312 Permanent Fund stimulus checks will be distributed on August 15, 2024. Payment will be made through direct deposit to eligible applicants or through checks. Those who received the 2023 PFD are not eligible for this year’s payments.
The economic impact of the PFD payment
The PFD payment has a ripple effect on Alaska’s economy. When residents receive their checks, there is typically a surge in spending on goods and services, which can help boost local businesses. Retailers, particularly those selling essential items such as clothing and school supplies, often see increased sales following the distribution of the PFD.
Moreover, the PFD helps to alleviate some of the financial pressures that lower-income families face. For many, the payment covers essential expenses, such as heating, groceries, and housing costs. The timing of the payment, just before the onset of winter, is also critical, as it allows families to prepare for the colder months ahead.
What do residents need to do to receive their payment?
For most eligible Alaskans, the PFD payment will be deposited directly into their bank accounts on August 15, 2024. Those who opted for a paper check will receive their payment via mail, although it may take a few days longer to arrive.
Residents who have not yet received their 2023 PFD payment or who believe they are eligible but have not applied are encouraged to contact the Alaska Department of Revenue through;
- PFD Phone : 907 465 2326
- PFD Fax : 907 465 3470.
