On June 28, 2024, the governor of Alaska, Mike Dunleavy signed a budget that offers a Permanent Fund Dividend (PFD) of $1,718 for every eligible resident in Alaska. The PFD announced by the governor is slightly higher than what the lawmakers agreed on in May which was $1,655. This amount represented a combined $1,360 PFD and $295 energy relief check.
The Permanent Fund Dividend Program
The Alaska Permanent Fund Dividend (PFD) program is a unique initiative that distributes a portion of the state’s oil revenue to its residents annually. The PFD, which was established in 1982, aims to ensure that Alaskans benefit directly from the state’s natural resource wealth.
It is a constitutionally established fund that invests oil revenues to generate earnings. These earnings are then distributed to residents, ensuring long-term financial benefits from the state’s oil wealth. The formula for calculating the PFD has been a topic of political debate, with various proposals suggesting changes to ensure the fund’s sustainability.
This year, the state of Alaska is set to distribute up to $1,718 per eligible resident, providing a significant financial boost to households across the state. When asked what led to the change in the budget which was initially $1,655, the Senate Rules chair, Senator Bill Wielechowski answered that the legislature estimated the PFD and energy relief would be approximately $1,655 as of May when the budget was passed. However, since the end of the fiscal year on June 30, the estimated revenues for fiscal year 2024 increased, leading to a slightly larger PFD.
There are mixed reactions concerning the PFD at $1,718, with some of the opinion it’s too much in general, while others believe more should be given to people with lower levels of income rather than it being equal across the board.
Alaskan PFD eigibility Requirements
According to the State of Alaska Department of Revenue website; “To be eligible for a Permanent Fund Dividend (PFD), you must have been an Alaska resident for the entire calendar year preceding the date you apply for a dividend and intend to remain an Alaska resident indefinitely at the time you apply for a dividend. There are other criteria for eligibility under Alaska Statute 43.23.005 and Alaska Statute 43.23.008.”
It also reads; “The ‘qualifying year’ is the calendar year preceding the year and the individual applies for a current year dividend. For example, for a person who is applying for a dividend in 2024, the qualifying year is 2023. Eligibility for the dividend program is determined by an individual’s residency activity during the qualifying year.”
Deadline to Apply for PFD
The deadline to apply for PFD is March 31 of the application year. You can apply between January 1 and March 31 by visiting the myPFD homepage. When you get to the homepage, select “Click Here To File Your Online Application”
You can create a new myAlaska account or use an existing account. Print and submit a paper signature page. Once your Confirmation Number is received, your application will be officially recorded.
