Alaska Permanent Fund Dividend and Energy Assistance Check Confirmed at $1,702 for 2024

Updated: 15 minutes ago Published: 39 minutes ago

The Permanent Fund dividend and energy assistance check for 2024 will total $1,702, the Alaska Department of Revenue announced Thursday.

Payment of the dividend for this year will begin on October 3 and will continue in the following weeks, the ministry said.

The Alaska Legislature has approved $914 million for this year’s check. More than 600,000 Alaska residents are eligible for the payment, state finance officials said. The 2024 dividend is nearly $400 higher than the PFD paid last year.

The 2024 check is split between a $1,403.83 Permanent Fund dividend and a one-time energy relief check of $298.17. Lawmakers agreed to clearly delineate what portion of the payment is related to the “energy relief,” since that portion is unlikely to be subject to federal tax.

Since 2016, the legislature has no longer followed the legally established formula to calculate the dividend. For the past eight years, the dividend has instead been part of the annual budget negotiations.

Governor Mike Dunleavy proposed a $3,500 dividend in December, which was in line with the statutory formula and would have created a $1 billion deficit. The state House of Representatives approved a check for nearly $2,300 in April, which would have created a deficit of about $270 million for the state.

Lawmakers ultimately settled on the Senate’s preferred 75-25 formula, which would see three-quarters of annual Permanent Fund revenues go to government services and one-quarter to dividends. Unexpected oil revenues allowed lawmakers to increase the 2024 check by nearly $300.