HomeStimulus Check$5,500 in Stimulus Funds? It Could Happen if You Only Live in...

$5,500 in Stimulus Funds? It Could Happen if You Only Live in One State

This year, Alaskans could receive a $5,500 stimulus check from the state government — Although the chances of a fourth federal stimulus check are fading, some states are stepping up and doing what they can to help residents cope with rising prices. However, no other form has gone as far as Alaska, where people will get cash handouts – or what is affectionately known as a stimulus check’ – of up to $5,500.

New State Spending Package and Stimulus Check Approved by Alaska Senate

A new state spending plan was adopted by the Alaska State Senate 15-5, and the bill has now been moved to the state House of Representatives. On top of a planned $4,200 dividend payment, Alaskans will receive an additional $1,300 check to help with the expense of energy bills.

The Alaska Senate voted 10-9 to provide residents a $4,200 dividend payment, bringing the state’s total cost of dividend payments to $2.8 billion.

However, the legislation’s future remains dubious. Many lawmakers expect the bill will be rejected by the state House, forcing the two chambers to work out a new deal in a conference committee. In this instance, checks will almost certainly be issued, but they may not be for the same amount as planned.

Last month, the Alaskan House of Representatives authorized a budget that includes the same $1,300 check but a much lower dividend payout of $1,250.

What Is a Dividend Distribution?

When it comes to stimulus packages, Alaska is unique because people already receive dividend payments every year.

The Permanent Fund Dividend is a payment made to Alaska citizens who have lived in the state for at least a year and want to stay permanently.

The Alaska Permanent Fund Dividend is a constitutionally constituted fund managed by the Alaska Permanent Fund Corporation. The fund, valued at $64 billion in 2019, has long been funded by the state’s oil profits. Residents typically receive $1,600 per year.

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In 1976, the fund was founded.

Republicans are opposed to more stimulus spending.

Republicans in Alaska voted to support the proposed increase to the dividend payment, as they did in many other states when both Republican and Democratic legislators voted to authorize higher stimulus payouts funded by state budget surpluses.

Alaskan House Speaker Louise Stutes, a Republican, voiced dismay in the bill’s supporters among the state’s conservative politicians.

“We’ve got all these conservatives nickel and diming different bills, saying, ‘We’ve got to save money,'” Stutes remarked.

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“We expected to put a lot of money in a savings account because of the House.” That was recently halted in the Senate. These conservatives have spent all of our money, savings, and money that we haven’t yet received.”

Alaska’s legislature must pass the budget by May 18th.

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