Q&A on the News

Q: How much money do residents of Alaska make from the oil pipeline?

EDDIE WEBSTER, DOUGLASVILLE

A: The amount of the Permanent Fund Dividend was $1,600 for 2018, according to the Alaska Department of Revenue Permanent Fund Dividend Division.

The fund was established when voters passed a state constitutional amendment in 1976 to receive dividends from the Trans-Alaska Pipeline. In 1982, the first dividend payments, for $1,000, were issued.

The total value of the Permanent Fund was $64.5 billion, according to a message from Alaska Gov. Michael J. Dunleavy on the state government’s website.

“Twenty-five percent of all bonuses and royalties from natural resource development are required by law to be deposited into the Permanent Fund, and from that, roughly 50% of realized earnings have historically been issued to Alaskans as dividends,” he wrote. “As oil revenues have declined, Alaskans are debating the best structure for the dividend program moving forward. I believe no change should be made without a vote of the people.”

Individuals who have lived in Alaska for the entire calendar year before the date they apply for a dividend and who “intend to remain an Alaska resident indefinitely” at the time they apply are eligible, according to the Permanent Fund Dividend Division’s website.

Q&A on the News runs Sunday, Tuesday, Thursday and Friday. Fast Copy News Service wrote this column. Do you have a question? We’ll try to get the answer. Call 404-222-2002 or email q&a@ajc.com (include name, phone and city).

X