A new round of $1,702 payments is set to hit the bank accounts of select residents in Alaska, bringing a fresh wave of financial assistance. This is part of the state’s Permanent Fund Dividend (PFD) program, a unique initiative funded through the state’s oil revenues.
What is the Permanent Fund Dividend?
The Permanent Fund Dividend (PFD) has been a hallmark of Alaska’s financial policy since its inception in 1976. The funds are derived from the Alaska Permanent Fund, which collects revenue generated by the state’s oil and gas resources.
Each year, a portion of this wealth is distributed to residents who meet certain eligibility criteria. This year, the amount is $1,702 per qualifying individual, providing a much-needed boost for many Alaskans.
How to Apply for the Dividend
To qualify for the PFD, residents must apply through the MyAlaska account by filling out an online form. The application window opened on January 1 and closes on March 31. If you’ve submitted an application between February 12 and March 12, you can expect the funds to land in your account by March 20.
Eligibility Requirements
While the application process is straightforward, the eligibility criteria are quite specific. To be eligible for the PFD, applicants must meet the following conditions:
- Residency: Applicants must have lived in Alaska for the entirety of 2024 and cannot have claimed residency in another state or country during that time.
- Felony Convictions: Anyone convicted of a felony in 2024 or incarcerated due to a felony or misdemeanor conviction is not eligible.
- Time Spent in Alaska: Applicants must have been in the state for at least 72 hours in 2023 and 2024, with no absence lasting more than 180 days.
These requirements ensure that only those truly committed to living in Alaska benefit from the fund, reinforcing a sense of loyalty and community among the state’s residents.
How Does the PFD Differ from Federal Stimulus Payments?
Unlike the federal stimulus checks sent during the pandemic, the PFD is a regular, annual dividend paid to residents based on the state’s oil earnings. It is not a one-time stimulus check but rather a form of loyalty reward for residents who contribute to the state’s economy and remain committed to its community.
Other Financial Assistance: Tax Refunds
In addition to the PFD, many Americans are receiving tax refunds from the IRS. This year, the average refund is around $2,065, though it is 32% lower than the refunds issued in 2024.
Those who haven’t filed their taxes yet should be aware that the filing deadline is fast approaching on April 15. Failure to meet this deadline could result in penalties.
For now, eligible residents can mark March 20, 2025, on their calendars as payday—another year of Alaska sharing its wealth with its people.
