Alaska residents are set to receive a special stimulus payment this June thanks to the Alaska Permanent Fund. This fund is unique because it shares the state’s oil and gas profits with its citizens every year. Let’s look at how this fund works and who will benefit from the 2025 payment.
What Is the Alaska Permanent Fund?
The Alaska Permanent Fund was created in 1976 after oil was discovered in Prudhoe Bay. The state decided to save some of the money earned from oil and gas to help future generations. The fund invests this money in stocks, bonds, real estate, and other assets. By December 2024, the fund was worth about $83 billion.
This fund is a type of sovereign wealth fund (SWF), meaning it is owned and managed by the state government. The Alaska Permanent Fund Corporation oversees the investments. The money earned from oil goes through the Trans-Alaska Pipeline, which started operating in 1976.
By law, at least 25% of the mineral-related revenues—like royalties and bonuses—must be saved in this fund.
How Will Alaskans Benefit in 2025?
In 2025, eligible Alaskans will receive around $1,702 each from the fund. This amount is 30% higher than last year’s payment. The total includes $1,403.83 as the main dividend and an extra $298.17 to help cover energy costs, which is especially helpful given Alaska’s high living expenses.
Payments for 2024 and previous years will be sent on May 15, 2025, but only to those who applied and have an “Eligible-Not Paid” status by May 7, 2025. These payments also boost Alaska’s local economy by putting money directly into residents’ hands.
Who Qualifies for These Payments?
To get the payment, individuals must meet certain requirements:
- Be a resident of Alaska for the full previous 12 months.
- Not have applied for residency in another state during that time.
- Have the intent to live permanently in Alaska.
- Have been physically present in Alaska for at least 72 hours during the past two years.
Some people are not eligible to receive the payment, including:
- Those imprisoned in the past year for serious crimes.
- People with more than two misdemeanor convictions since 1997.
- Individuals without a valid Social Security Number.
- Those who did not live in Alaska for the full 12 months.
- People required to file taxes but didn’t.
- Those claimed as dependents on someone else’s tax return.
The application period for 2025 payments was from January 1 to March 31, with a deadline of April 1. Applications could be sent by mail or submitted online.
The Alaska Permanent Fund payments provide important financial help to residents, especially during times when costs like energy are high. This unique system allows Alaskans to benefit directly from the state’s natural resources.
