PFD payout reaches $1,606; payments begin Oct 3
Nearly 631,000 Alaskans will receive a $1,606 Permanent Fund dividend next month, the Department of Revenue announced Friday.
Those who requested direct deposit payments online will receive checks on Oct. 3; however, those who filed a paper application or require a hard copy check won't receive payment until Oct. 24. Details can be found on the DOR's website.
Gov. Mike Dunleavy and a majority of lawmakers this year have been unable to agree on the size of the dividend.
There were not enough votes to support a dividend that followed a decades old statute, which would have been an estimated $2,910 this year, according to Revenue Department calculations.
So for the fourth straight year, Alaskans will receive a payment below the statutory formula, set against the backdrop of an increasingly divisive and high-profile debate.
During the most recent special session that ended Aug. 8, the Legislature approved enough money to cover the announced payment under House Bill 2001.
Dunleavy accepted the Legislature's appropriation in an August announcement but made it clear he was not happy with the outcome.
Last year, Dunleavy placed the dividend among his lead campaign platforms, including restoring dividends from each of the last three years.
In January, Dunleavy proposed a staggered payment of Permanent Fund dividends from reduced payouts each of the last three years.
Even with minimal support, the proposals remain active under SB 23 and SB 24, plus HB 46 and HB 47, but would have to be amended to meet new payment schedules.
The bills called the following payment schedule:
• $1,061 from 2016 to be paid this year to all who received a dividend three years ago and remain eligible this year.
• $1,289 from 2017 to those who received a dividend two years ago and will be eligible in 2020.
• $1,328 from 2018 to Alaskans who received a dividend last year and will be eligible in 2021.
Former Gov. Bill Walker reduced the 2016 payout with a veto; each of the next two years the Legislature reduced the sum from the statutory formula.
Editor's note: This story has been edited to clarify the 2019 PFD payment timeline.
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