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Stimulus payment of $1,312 coming April 18 for some Americans

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  • Digital Team 

Alaska residents are poised to receive a significant financial boost with the imminent arrival of a major stimulus check in less than ten days. The Department of Revenue is gearing up to disburse payments from the Permanent Fund Dividend (PFD) to eligible recipients, with a direct payment of $1,312 slated to be sent out on April 18th. This payout is earmarked for residents who have not yet received their allocations or are categorized under the status of “Eligible-Not Paid.”

The Permanent Fund Dividend, colloquially known as the PFD, is an annual payment determined by the state’s mining income, aimed at benefiting qualified residents. Last year’s check, totaling $1,312, began distribution in October.

The fundamental objective behind this fund is to safeguard its capital while optimizing returns, thereby converting non-renewable natural resources into sustainable financial assets.

As per the 2023 Annual Report, the total value of the fund stands at a substantial $78 billion, sourced from a variety of streams including oil and mining royalties, investment earnings, stock dividends, bond interests, and real estate revenues. In adherence to the Alaskan Constitution, at least 25% of this total value must be allocated towards dividend payments.

Eligibility for receiving the stimulus check is contingent upon meeting specific criteria outlined by the Permanent Fund Dividend (PFD) program. Applications for the PFD were open from January 1st through March 31st, with residents required to demonstrate an intention to permanently reside in the state and maintain a clean criminal record.

Additionally, applicants must fulfill residency requirements and adhere to stipulations regarding prolonged absences from Alaska.

For those who have already applied and met the necessary prerequisites, the Permanent Fund Division (PFD) has established a timeline for stimulus check disbursements in 2024. Payments are scheduled on March 13th, April 10th, and May 8th, with each payment set at $1,312. Recipients are urged to ensure their addresses are up-to-date to prevent any delays in delivery.

Alaska’s stimulus check program faces potential fiscal challenges. House Joint Resolution 7 proposes adherence to a specific dividend payment formula mandated by law, a measure that has been circumvented in recent years due to its perceived financial burden.

Estimates project a significant deficit of $1.3 billion annually if this formula is strictly enforced, prompting debates within the legislative chambers regarding potential amendments to the State Constitution governing dividend payments.

Despite efforts to revise the payment criteria, proposed changes, including limitations based on income and employment status, were ultimately rejected by House members, underscoring the complexity of managing Alaska’s dividend program.

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