Alaska residents will soon receive state government stimulus checks of up to $3,200. This stimulus check for Alaska isn’t actually a stimulus check, but rather annual dividends (popularly called oil wealth checks) that the state pays out regularly. Governor Mike Dunleavy approved the payment earlier this year and eligible residents will begin receiving the payment this month.
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Stimulus Control for Alaska: What is it?
In May, Governor Mike Dunleavy and the state legislature approved the annual budget. The budget included a provision to send a payment of $3,200 to eligible residents before the end of the year.
This Alaska stimulus check is an annual dividend that the state pays to residents to share the state’s oil wealth. The state will use the Alaska Permanent Fund, which was established in 1982, to fund the dividend payment.
“This budget is more than a spending plan; it is a blueprint for the future of Alaska. Budgets should reflect the values and aspirations of the people they were designed for, and I believe this legislation achieves that,” said Governor Dunleavy.
Initially, the state senate proposed $5,500 oil wealth checks to eligible residents. However, further negotiations resulted in a reduction of the amount to $3,200, according to Alaska Public Media. Still, the payment is the second largest in state history, after adjusting for inflation.
One point to note is that this year’s check combines two checks, one is the usual $2,550 dividend check and the other is the $650 energy relief payout.
Oil Wealth Checks: Who Gets Them and When?
Eligible residents can expect to receive the oil wealth checks in their bank accounts on September 20. Residents who will receive payment via paper checks will have to wait until October.
Alaska normally pays dividends in October, but this year lawmakers have decided to bring forward the payment to help those struggling with the high price of energy and gasoline. Payment was also accelerated in 2020 due to the COVID-19 pandemic.
“I am pleased to announce that PFD deposit day will be early this year, September 20, and the dividend is expected to exceed $3,200 per person,” Governor Dunleavy said in a statement. tweet last month.
Residents must apply for this incentive contribution. Those who have been in the state for the past calendar year prior to their dividend filing date are eligible for this Alaska incentive check. Also, applicants must plan to remain in the state indefinitely.
According to the state revenue ministry, it is processing more than 78,000 applications to determine eligibility for the payment. Applicants can check the status of their application through the website created by Alaska’s Department of Revenue, using their driver’s license or other state-issued ID.