The Permanent Fund Dividend (PFD), Alaska’s unique program for sharing profits from oil and gas revenues, is delivering a $1,702 payment to eligible residents in December 2024.
This year’s increase from $1,312 to $1,702 highlights Alaska’s economic growth and its commitment to sharing natural resource wealth with its citizens. Here’s a detailed look at the program, how payments are calculated, and key dates to remember.
How the Stimulus Check is Calculated
The 2024 PFD payment combines two components:
- Base Dividend: The primary dividend of $1,403.83 comes from the earnings reserve account, which accumulated $914,315,845 this year. This total was divided among eligible applicants to determine the base amount.
- Energy Relief Payment: To address rising energy costs, the state legislature added a $298.17 one-time energy relief payment. This component recognizes the high cost of living and heating expenses in Alaska’s cold climate.
Together, these components bring the total payment to $1,702 per eligible resident.
Eligibility Requirements
To qualify for the PFD payment, applicants must meet specific criteria:
- Residency: Must have been an Alaska resident for at least one year before applying.
- Criminal Record: Individuals incarcerated or convicted of certain crimes within the last five years are ineligible.
- Timely Application: Applications were accepted between January and March 2024.
Applicants can check their status through the Alaska Department of Revenue’s platform. Payments marked as “Eligible – Not Paid” by December 11, 2024, will be issued on December 19.
Important Dates for Payment Distribution
- Application Period: January–March 2024
- Eligibility Status Check: By December 11, 2024
- Payment Issuance: December 19, 2024
The Alaska Department of Revenue handles payment distribution, either through direct bank deposits or mailed checks, based on the applicant’s preference.
Economic Impact
This year, over 600,000 Alaskans are set to receive the $1,702 PFD payment, providing significant financial relief to families. The inclusion of the $298.17 energy relief payment acknowledges Alaska’s unique challenges, particularly the soaring costs of heating during winter.
By sharing resource wealth directly with its residents, Alaska has demonstrated an innovative approach to public finance. Unlike most states, which rely on income taxes to fund services, Alaska uses natural resource revenues to enhance its citizens’ quality of life.
Why the PFD Matters
The PFD is more than just a financial benefit—it’s a symbol of Alaska’s dedication to leveraging its natural wealth for the public good. By fostering a sense of shared ownership, the state ensures its resources are preserved and valued for generations to come.
This program reflects Alaska’s unique position as a resource-rich state and serves as a model for how wealth generated from natural assets can directly benefit residents.
