Alaskans have less than 10 days left before a $1,300 payment drops into their accounts.
May 16 is the last day Alaskan residents will earn their Permanent Fund Dividend (PFD) for this year.
The state has sent out the checks courtesy of its yearly oil revenues since the program started in 1983. Since then, roughly $54 billion has been allocated back to Alaskan residents.
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"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, previously told Newsweek.
The total amount available for this year is around $1,312, but only some Alaskans are set to receive the payments. Specifically, you will need to currently have the "Eligible-Not-Paid" status to get the check come May 16.
"The 2023 PFD marks the 42nd year Alaskans have received their share of the state's natural resource wealth," Alaska Department of Revenue Commissioner Adam Crum previously said in a statement. "I would like to thank our Permanent Fund Dividend Division for their tireless work year-round in administering the program and processing the applications."
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Not everyone living in Alaska automatically gets the check, though. You must meet the PFD criteria, which include being Alaskan residents for the full year with plans to stay in the state permanently.
For 2025's payment, you also must have spent at least 72 consecutive hours in the state in 2023 or 2024 and not claim residency in another state since 2022. Additionally, you can't be out of Alaska for more than 180 days in 2024. There are also legal requirements —you cannot have a misdemeanor or felony conviction.
"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, previously told Newsweek.
Experts predict the fund likely lifts between 15,000 and 25,000 Alaskans out of poverty yearly.
Beyond that, the PFD has had a strong impact on Alaska's economy since it took effect decades ago and has been linked to more employment opportunities and economic growth.
"By providing a financial cushion, the PFD empowers Alaskans to invest in their futures, whether through education, entrepreneurship, or other avenues for personal growth," Matt Stratman, the president of United Tax.AI, previously told Newsweek.
More Payments
Several other states have adopted similar types of rebates to support residents through uncertain economic times, especially after the coronavirus pandemic sparked several rounds of stimulus payments.
The specific rules for each program vary, with some benefiting property owners and renters in particular.
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Pennsylvania sent out $1,000 to eligible renters and property owners, while Vermont passed a similar rebate worth up to $5,600.
"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."
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
