The Alaska Department of Revenue has announced that the total amount for the Permanent Fund Dividend (PFD) and Energy Relief Checks in 2024 is set to be $1,702. Payments will commence on October 3, 2024, and will be distributed over the following weeks. This year, the Alaska Legislature allocated over $914 million for these disbursements, benefiting more than 600,000 eligible residents.
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Breakdown of the 2024 Payment
The 2024 dividend consists of:
- $1,403.83 from the Permanent Fund Dividend
- $298.17 designated as an energy relief check
This year’s total is nearly $400 higher than the previous year’s amount. The portion allocated for energy relief is expected to be exempt from federal taxation.
Legislative Changes and Funding Sources
Since 2016, the Alaska Legislature has not followed the constitutional formula for calculating the dividend. Instead, the amount has been determined through annual budget discussions. Approximately 82% of this year’s dividend comes from the Permanent Fund earnings, while the remaining 18% is attributed to the energy relief payment.
Eligibility Criteria for 2024 Payments
To qualify for the 2024 Permanent Fund Dividend and Energy Relief Checks, applicants must meet the following criteria:
- Must have lived in Alaska for the entire year of 2023.
- Intend to maintain residency in Alaska indefinitely.
- Must not have declared residency in another state or country since December 31, 2022.
- Acceptable absences from Alaska should not exceed 180 days.
- Must have spent at least 72 consecutive hours in Alaska at some point in 2022 or 2023.
Payment Schedule
- October 3, 2024: Direct deposits begin
- October 26, 2024: Paper checks will be mailed for qualified applications
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This year’s Permanent Fund Dividend and Energy Relief Checks represent a significant financial boost for many Alaskans. With careful planning and understanding of eligibility requirements, residents can ensure they receive their share of these crucial funds.