Stimulus check in March: A forthcoming stimulus payment for a particular state in the United States is noteworthy due to the substantial $1,312 payment that residents of that region will receive. This is referred to as the Permanent Fund Dividend, and we have previously discussed it. Under current legislation and with current revenue and service levels in place, guaranteeing this paper would result in an annual deficit of $1.3 billion.
House Joint Resolution 7 proposes a legislative formula for this dividend. This state-law formula has been in place since 2016 since most legislators find it unsustainable and adopt budget legislation to avoid it.
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Which jurisdiction ensures the dividend of the Permanent Fund?
As early as Friday morning, the Alaska House of Representatives will vote on a constitutional amendment guaranteeing this payout. Long-term fiscal decisions will be made about this resolution. The change and current legislation would yield a $3,500 dividend per person at current income and service levels, but it would cost $2.3 billion. This will immediately cause the $1.3 billion annual deficit we discussed. Despite the deficit, all qualified Alaskans will receive payments in March.
Alaskan residents with a “Eligible-Not-Paid” status as of March 13 will be eligible for these. Beginning March 21, Alaska’s mining money will be used to help all residents financially. All qualified residents receive these funds yearly in October.
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