Alaska’s Department of Revenue announced the calculation of the 2023 Permanent Fund Dividend (PFD) as $1,312, which is substantially smaller than the record sized $3,284 dividend in 2022. That included a $650 energy relief check that state lawmakers approved.
Former Gov. Bill Walker dramatically reduced Alaskans’ PFD checks in 2016 by fundamentally changing the way the annual payouts are conducted. Prior to 2016, when Walker vetoed about half of the statutory PFD, the amount was always calculated on a fixed transfer of money to Alaskans based on the Permanent Fund’s earnings. Now the annual payout is a highly politicized process determined by a vote of the State Legislature.
The amount of the 2023 PFD was calculated by utilizing the amount “available for distribution” from the Permanent Fund earnings account and dividing it by the number of eligible applicants. For the 2023 PFD, the Legislature voted to allocate $881,521,963 for distribution. Over 600,000 Alaskans have already been determined eligible.
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This year, the state processed over 8,000 more applications than in 2022. The 2023 PFD will inject nearly $1 billion into the state’s economy.
For 2023 PFD applications that were filed electronically, requested direct deposit, and are in “Eligible-Not Paid” status as of September 21, 2023, payment will be disbursed on October 5, 2023.
For 2023 PFD applications that are in “Eligible-Not Paid” status as of October 18, 2023, payment will be disbursed on October 26, 2023. This includes 2023 paper and electronic applications, requested direct deposit and check payments.
Alaskans are encouraged to use the state’s website, MyPFD, to check the status of their PFD application.