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2012 Permanent Fund Dividend is $878

September 18, 2012, Anchorage, Alaska Revenue Commissioner Bryan Butcher today announced that an estimated 646,805 eligible Alaskans will receive a 2012 Permanent Fund Dividend in the amount of $878. According to the Department of Revenue, 677,733 applied for the 2012 dividend, an increase of approximately 1,500 applications compared to 2011.

The first dividends will be paid on October 4 when approximately 515,000 applicants will receive a direct deposit into their bank account, and 85,000 will be mailed a check. Those who chose paper check delivery will have it enter into the mail stream on October 4 in Juneau. The actual delivery date will vary by applicant location.

More than $470 million will be directly deposited into Alaskans' bank accounts this year, with a total distribution, including checks, of $567,338,304.39. Beginning October 25, 2012, and continuing monthly thereafter, applications that become eligible will be paid by either check or direct deposit.

More than 411,000 Alaskans chose the e1099 tax statement this year, 63.5 percent of all 2012 payments. An email explaining how to obtain the e1099 will go out the week of October 1.

This year marks the 31st dividend paid to Alaskans. The total potential distribution of Permanent Fund Dividends to date is $34,243.41 per person, which does not include the $1,200 Alaska Resource Rebate distributed in 2008. Following the 2012 dividend payment, the total funds disbursed to Alaskans by the division, including the Resource Rebate, since inception of the dividend program will total approximately $20.1 billion.

The Alaska Permanent Fund was created in 1976 by an amendment to the Alaska Constitution. It was established to ensure that Alaskans would get long-term benefits from oil development. The Trans Alaska Pipeline System once carried 2.1 million barrels of oil a day from the North Slope to the Valdez terminal. Pipeline volume has since fallen to less than one-third of that sum today, and the decline continues. Governor Parnell continues to focus on filling the pipeline and creating a stable, competitive environment that will attract new investment and re-investment to Alaska.

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