One provision of the newly passed Alaska state budget could be an advantage for Alaska residents. They may be eligible to receive a $500 permanent fund dividend. But this will all depends on the oil price.

The newly passed Alaska state budget could give residents a $500 permanent fund dividend

One section of the Alaska State budget could be a sudden gain for Alaska residents. The residents may receive a $500 permanent fund dividend.

The provision was called a waterfall provision by the lawmakers, meaning payment of $500 for qualified Alaska residents of the year’s permanent fund dividend.

Section 79 of the Alaska State budget says if Alaska earned more revenue between July 1, 2023, to July 30, 2024, some of the money will be allocated in a relief payment as a portion of the permanent fund dividend 2024.

Read Also: Alaska Residents To Receive Up To $3,284 PFD Payment

The oil revenue projections are all kinds of uncertainty

The estimated permanent fund dividend is possible if the North Slope Crude Oil reaches a means of $73 per barrel. Half of the bonus will be allocated to Constitutional Budget Reserve, and the other half will be given for a $500 permanent fund dividend.

Read Also: States Roll Out Direct Payment Programs To Aid Residents Amid Economic Uncertainty