Some Americans to Receive $1,702 Direct Payment in June: Are You Eligible?
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Thousands of Alaska residents will soon receive a $1,702 direct payment from the state as part of the annual Permanent Fund Dividend program, a uniquely Alaskan initiative that redistributes a share of the state's oil wealth directly to its citizens.
Why It Matters
The Permanent Fund Dividend is an annual payment made to qualifying Alaska residents, drawn from the state's Permanent Fund, which was established in 1976 to invest a portion of the state's oil revenue. The fund invests in a diverse portfolio of assets, including stocks, bonds, real estate, and other investments to generate returns for residents and preserve the state's vast oil wealth.
The fund has grown to over $81 billion and distributes a portion of its earnings, usually giving out in excess of $1,000 to eligible residents of the Last Frontier State. Payments vary from year to year, with the highest ever payment being $3,284.
Some 600,000 Alaskans are expected to benefit this year.
Stock image/file photo: Person holding several $100 bills.
Stock image/file photo: Person holding several $100 bills.
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What to Know
According to the Alaska Department of Revenue, the next wave of payments will be issued on June 18, benefiting eligible individuals who applied by the deadline and whose applications have been approved for the 2024 Permanent Fund Dividend.
For the 2024 dividend, the payment amount is $1,403.83 with an additional $298.17 Energy Relief Payment, bringing the total to $1,702. It is roughly $400 more than last year's, which was $1,312.
The largest payout occurred in 2022, when each eligible Alaskan received $3,284. This amount included a record-high base dividend of $2,622, along with a one-time energy relief payment of $662.
Eligibility Criteria
To qualify, individuals must:
Be Alaska residents for the entire calendar year prior to the payment year.
Intend to remain in Alaska indefinitely.
Not be convicted or incarcerated for any felony or misdemeanor crimes in the state.
Have filed an application by the annual March 31 deadline.
According to the official PFD site, individuals with an "Eligible-Not Paid" status as of May 8 will receive their payments on June 18, assuming no issues arise with their applications.
The income is also considered taxable by the state and the federal government.
What People Are Saying
Department of Revenue Commissioner Adam Crum said in a statement: "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 Happens Next
The Alaska Legislature continues to debate the future structure of the PFD, especially as oil revenue becomes more volatile and investment returns fluctuate. Discussions have included capping the dividend, changing the formula, or implementing new taxes to offset budget shortfalls.
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