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Alaska to make reduced payout to residents from oil fund

Alaska to make reduced payout to residents from oil fund

October 6th, 2017 by Associated Press in Business

A sign meant to entice recipients of payouts from the state's Permanent Fund Dividend Division, also known as PFD, advertises a sale in Anchorage, Alaska, Wednesday, Oct. 4, 2017. Nearly every Alaskan will wake up $1,100 richer on Thursday, thanks to this year's payout from the state's oil wealth investment fund. The distribution from the Alaska Permanent Fund is essentially free money for residents, who already don't pay a state income tax or statewide sales tax. (AP Photo/Mark Thiessen)

ANCHORAGE, Alaska (AP) — Nearly every Alaskan will wake up $1,100 richer Thursday, thanks to this year's payout from the state's oil wealth investment fund.

The distribution from the Alaska Permanent Fund is essentially free money for residents, who don't pay a state income tax or statewide sales tax. But it's just half of the expected $2,200 windfall, which was reduced for the second straight year to help the state pay in its bills amid a recession due to continued low oil prices.

Unlike previous distributions, the amount of this year's amount was quietly announced in mid-September in a short news release. Gone was the usual announcement made with great fanfare by the governor on live TV in other years.