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This year′s $992 Permanent Fund dividend will be paid starting July 1

This year’s Alaska Permanent Fund dividend will be $992, the Alaska Department of Revenue said in a written statement on June 12.

While state legislators and Gov. Mike Dunleavy referred to a “thousand-dollar dividend” this year, lawmakers didn’t set a precise amount. Instead, the state budget passed earlier this year calls for spending $680 million. That amount, divided among the number of recipients, results in the $992 payment.

The dividend will be paid July 1 to Alaskans who receive their payments by direct deposit and are deemed eligible by June 19, the revenue department said. Paper checks will be mailed starting July 1 to Alaskans without direct deposit. Alaskans not deemed eligible by June 19 will be paid starting July 23, the Department of Revenue said.

In May, Dunleavy move up the dividend payment date from October to counteract some of the negative economic effects of the ongoing coronavirus pandemic.

Since 2016, legislators or the governor have set the Permanent Fund dividend amount during the annual budget-making process. A traditional dividend-payment formula, used from 1982 through 2015, remains on the books but is not binding, according to a 2017 decision by the Alaska Supreme Court.

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