The state’s residents are set to receive $1,300 payouts, but the legislature still can’t agree on how to determine that number. A dwindling fund could force action.
for the Alaska Beacon, and he told Alaska Public Media’s Michael Fanelli that lawmakers settled on the $1,300 figure only after continuing a familiar debate they’ve been having for several years.It was the end of a big back and forth as it has been every year since about 2018, and even going back before that. Since oil prices fell in 2015, the state has been operating without a secure formula for determining each year’s Permanent Fund Dividend.
And the problem is that while they set up this system, they couldn’t agree on a new formula for the Permanent Fund Dividend, because the formula that’s still in state law and hasn’t been replaced, wasn’t written with the idea of this transfer in mind. And so lawmakers have been deciding, “Well, what replaces that old formula?” And the general idea is that the annual transfer gets split in some way, a portion for dividends, a portion for services. But where that split is, hasn’t been decided.
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