This week marks an exciting time for residents of Alaska, as they will have the opportunity to receive stimulus check financial assistance totaling up to $3,284. This is part of the annual Permanent Fund Dividend (PFD), a program that has been running in the state for over four decades. This much-anticipated distribution of funds is slated to take place on July 20, 2023. Nevertheless, it should be noted that this windfall does not extend to everyone; eligibility criteria do apply.
The PFD program is uniquely designed for Alaska’s residents who have been classified under the category of “eligible unpaid” during a review that occurred on July 12, 2023. The financial aid is sourced from the proceeds of the sale of oil and gas within Alaska during the fiscal year of 2022, effectively translating the state’s natural resources wealth into tangible benefits for its residents like this stimulus check.
Key Facts about this Stimulus Check
Through this remarkable initiative, each qualifying resident stands to receive a sum of $3,284 this year. However, it’s important to understand the breakdown of this amount. $2,662 of the total figure is taxable income. The remaining $662, on the other hand, forms part of an energy relief payment and is not subjected to tax, offering additional relief to the recipients.
This form of shared income has been a hallmark of the Alaskan government for 41 years. It exemplifies a commitment to ensuring residents reap benefits from the state’s investments, particularly those derived from its lucrative oil industry. To be eligible for this payment, residents were required to submit their applications no later than March 31, 2023.
Wondering about the status of your application? Here’s how you can check
Select “myPFD” to view the current status of your application. Keep in mind that your address must be up-to-date in the application. If you had previously electronically signed your PFD application, you can simply log in to “myPFD” and update your address online. Alternatively, you can fill out an Address Change Form and submit it to one of the designated offices.
Dividend applications from 2022 (and the previous year) that were listed as “Eligible-Unpaid” as of July 12, 2023, will be processed and distributed on July 20, 2023. Those in the same status on August 9, 2023, will receive their dividends on August 17, 2023. Lastly, applications listed as “Eligible-Unpaid” on September 6, 2023, will be distributed on September 14, 2023. This structured distribution ensures a smooth disbursement process and timely delivery of funds to eligible recipients.