Payments of $1,312 Being Sent to Some Americans in 2 Days

Alaskans are set to earn direct payments of up to $1,312 in just two days.

State residents routinely qualify for the checks courtesy of the Permanent Fund Dividend, which gives money to Alaskans based on the state's mining income.

"Ever since oil was discovered and Alaska entered statehood, instead of placing that money into the Alaska government coffers, Alaskans voted to pay an annual stipend to all Alaskans that were eligible for payment," Kevin Thomspon, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek.

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The checks started arriving in October and will continue throughout the year. On April 18, some residents who haven't received the payments and were categorized "Eligible-Not-Paid" as of April 10 will see the money.

Previously, checks went out on March 13, and more payments are scheduled for May 8.

Alaska said the fund has $78 billion from its oil and mining profits, and under Alaskan law, at least 25 percent will go toward the dividend payments.

To qualify for the checks, residents must meet a certain range of criteria. They must apply during the period of January 1 to March 31 and have plans to permanently live in Alaska and have no criminal record.

"If you live in Alaska and meet the few requirements, it's money you deserve," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.

Michael Ryan, a finance expert and the founder of michaelryanmoney.com, said the fund likely lifts between 15,000 and 25,000 Alaskans out of poverty yearly.

"It supplements incomes, especially for low-income and rural residents," Ryan told Newsweek. "The payments create modest employment gains as Alaskans spend their dividends."

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Other Rebates Available

Many other states have their own rebates available to qualifying residents.

In Pennsylvania, the Property Tax/Rent Rebate was available this year, offering $1,000 to certain residents under an income limit. For 2024, the limit was set at $45,000 for property owners and renters, opening the rebate to 175,000 more people.

"The Property Tax/Rent Rebate program has long been a lifeline for our seniors – especially those on a fixed income – and that's why my Administration brought together folks on both sides of the aisle to expand this tax rebate to an additional 175,000 Pennsylvanians," Governor Josh Shapiro said in a statement. "This is what it looks like when we work together to put partisanship aside and get stuff done for Pennsylvania."

Arizona approved a rebate of up to $750 per family last year. The $260 million program benefited all families with a dependent as they navigated high inflation and economic uncertainty.

But a ruling from a federal judge means that the rebate will now be taxed.

Families earned $250 for every child younger than 17 and $100 for all older dependents, meaning some households got as much as $750. Altogether, 750,000 families benefited from the program, but now each family may potentially be forced to pay some back in taxes.