Stimulus update: Payment worth $1,312 to be sent in five days from Alaska fund

Eligible residents in Alaska will begin to see their annual payment from the Permanent Fund Dividend in five days.

The first mass disbursement of the $1,312 payments from the 2023 Permanent Fund Dividend will be sent to eligible Alaskans on Oct. 5, according to the Alaska Department of Revenue.

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“The 2023 PFD marks the 42nd year Alaskans have received their share of the state’s natural resource wealth. I would like to thank our Permanent Fund Dividend Division for their tireless work year-round in administering the program and processing the applications,” Alaska Department of Revenue Commissioner Adam Crum said in a statement.

“This year, we processed over 8,000 more applications than in 2022. The 2023 PFD will inject nearly $1 billion into the state’s economy and directly into the hands of Alaskans,” he added.

The Alaska Department of Revenue says that residents who filed electronically, requested direct deposit, and had the “eligible not paid” status as of Sept. 21, per the state, will receive their payment next week. Any Alaska resident who has yet to be paid his or her 2022 or earlier year dividends and is “determined eligible during this time” will also be paid by the state program on Oct. 5.

From Jan. 1 to March 31 of each year, Alaska residents can apply for the program. Outside of the annual three-month application timetable, there are exceptions for some people to apply at different times.

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To qualify for the payment, an applicant must be an Alaska resident who intends to remain a state resident indefinitely when filling out the application. The resident applying must also not be a convicted felon and not be claiming residency in another state during that year.

Mineral revenues for the state that year determine how much the Permanent Fund Dividend amount is, and the state said the program is meant “to benefit current and future generations” of Alaskans.