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Do you know what Alaska’s PFD is? Well, you should know it because you could receive some money on a regular basis. PFD stands for Permanent Fund Dividend and it is a program managed by the Department of Revenue of Alaska with the money earned from petroleum.
The Internal Revenue Service (IRS)
considered this income subject to federal tax, although Alaska doesn’t charge its own taxes. Currently, there is a debate on the new House Bill 359 (HB359) since it could increase the amount received in future payments, but also there are some questions about the sustainability of the Fund.
Before this, there were other economic aids national wise, the known
DOGE Dividends
. These were brought by Elon Musk, but they weren’t performed in the end. So, let’s learn more about this economic aid that benefits many families in Alaska.
What’s Alaska’s PFD?
This is a program specifically from the state of Alaska that gives money to its residents every year if they match some requirements. The aim of this program is to use the money earned from the petroleum industry to help people deal with the high cost of living in the state, mostly in rural and remote places where everything is more expensive than other parts of the United States.
Don’t confuse it with the U.S. federal stimulus payments which were economic aids in specific times, whereas the PFD is a payment only people in Alaska receive regularly.
What will happen in 2025?
During this year, about 500,000 people in Alaska will receive this economic aid, up to $1,702 per person including the base amount and an energy relief bonus of $298.17. This is 30% higher than the amount received last year, which means an improvement of the Fund and an agreement between legislatures of the state to increase aid for citizens. The process of receiving the money is divided into 3 batches: On June 18, for those whose form’s state is ‘’Eligible-Not Paid’’ before June 11; then, on July 17 it will be continued with the second batch; and, finally, the August 21 round.
Requirements
To be eligible to receive this economic aid, you must meet these 4 basic requirements. It’s important you have your information updated on ‘’myPFD’’ website if you don’t want to have any issue with the money. So, let’s explain these requirements:
How will you receive the payments?
This is the part which most people are interested in, so what you should know is there are two types of ways of receiving the money: through direct deposit in a bank account or a paper check sent by mail. You can choose from these two options, but keep in mind that sometimes things sent by mail get lost…
Future of this program
Although this program is crucial for Alaska’s economy, there is a debate on sustainability in the long term. A new law has been proposed called House Bill 359 (HB359) to increase the yearly payments up to $5,000 between 2026 and 2028, which might seem great for those receiving it. However, this decision could affect the viability of the Fund if the petroleum income doesn’t keep the same rhythm.
Importance of this program
The Fund was created in 1976, when Alaska citizens voted for keeping part of the petroleum income to a savings fund. The goal was to maintain the wealth from natural resources of the state for future generations. The first payment of the PFD was in 1982 and since then the state has continued giving this benefit to their citizens.
As you can see, this payment could be of great help so if you are a citizen from Alaska and you are dealing with some economic difficulties, you should get more information and apply for it.
