Permanent Fund Payout Set at $1,312 This Year

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Category: News

Created on Friday, 22 September 2023 15:09

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By JAMES BROOKS

Alaska Beacon

This year’s Alaska Permanent Fund Dividend will be $1,312.

The Alaska Department of Revenue announced the figure Thursday, two weeks before the annual cash payments will be delivered by direct deposit.

PFD applications that were filed electronically, slated for direct deposit and have been deemed eligible will be paid out Oct. 5. 

The Department of Revenue will mail paper checks and begin direct deposits from paper applications later in the month.

This year’s PFD amount had been estimated at roughly $1,300 since the spring, when the Alaska Legislature appropriated $881 million for this year’s dividend. 

The exact figure each year is based on the number of confirmed recipients. By email, Revenue Commissioner Adam Crum said more than 600,000 recipients have been confirmed so far.

Last year’s dividend, $3,284, included a special one-time energy rebate made possible by high oil prices caused by the Russian invasion of Ukraine.

The state distributed 625,912 dividends that year, the lowest figure since 2009. The number of this year’s recipients is not yet known because the Department of Revenue hasn’t finished processing applications yet.

This year’s dividend is roughly equivalent to 25% of the annual transfer from the Alaska Permanent Fund to the state treasury. The remaining 75% was reserved for state services.

The amount of the 2024 dividend will be set in the spring 2024 legislative session, but lawmakers this year have already agreed to pay a $500 bonus if North Slope oil prices in the current fiscal year average $83 per barrel. 

Since July 1, the start of the fiscal year, prices have averaged $87.45 per barrel.

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https://alaskabeacon.com/james-brooks 

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