Let’s get straight to the point: if you’re on the hunt for details about a $1702 stimulus check, chances are you’re going to be disappointed. There’s not a known stimulus payment for that amount. But please don’t click away just yet!
The number $1702 actually points to an undeniable and important payment that was sent to the bank accounts and mailboxes of thousands of eligible Alaskans in the year 2023.
It marks a combination of Alaska’s ongoing and unique wealth-sharing program and an anticipatory response to exorbitant energy costs.
The payment not only sheds light on a state's ability to respond to economic challenges, but also reveals the degree to which states can maneuver around federal policies.
*What Was the Payment of $1702 For?*
The $1702 is not a singular payment the way we are used to hearing about stimulus checks of $1200, $600, or $1400 payments made at the federal level. Instead, it is the the **sum total** of two separate payments issued by the State of Alaska in the year 2023:
1. The Permanent Fund Dividend (PFD): $1,312
The Simple Explanation:
This is Alaska’s well-known annual dividend based on the state’s oil revenue. The Alaska Permanent Fund, established by constitutional amendment in 1976, is a sovereign wealth fund drawn from oil revenue.
It attempts to ensure that some of the state’s non-renewable resource wealth is preserved for future generations. Paying annual dividends to Alaska residents is a way of sharing a portion of the fund’s earnings.
How It Works: The Alaska Permanent Fund Corporation manages the fund’s investments, and each year the legislature sets a dividend payout based on a formula and other fiscal considerations. For 2023, the base PFD amount was set at $1,312
2. Energy Relief Payment: $3900
The Catalyst: Like the rest of the country, Alaskans faced the brunt of pricing surges on oil, gasoline, and electricity.
Understanding this, the Alaska Legislature along with Governor Mike Dunleavy issued a one-time Energy Relief Payment of $390
The Link: Most importantly, this energy payment was not handed separately. For more efficient administration, and to ensure a wide reachah, it was aggregated on top of the annual Permanent Fund Dividend.
The Math is Simple, But Significant:
$1,312 (PFD) + $390 (Energy Relief) = $1,702
For many, especially Alaskans residing in remote and energy expensive regions, the extra 390 in addition to the 1702 payment was especially helpful in covering the heating expenses for the winter,
Who Actually Got This 1702?
The 2023 Permanent Fund Dividend Eligibility was the primary criteria to access the combined payment.
This process is managed by the Alaska Department of Revenue and the laws are straightforward:
Who Is This $1702 Payment For?
Combined payment eligibility was mainly contingent on receiving the 2023 Permanent Fund Dividend. This process is managed by the Alaska Department of Revenue and has strict guidelines:
• Residency: You need to have been a bona fide Alaska resident for the whole calendar year prior to the application date (2022 for the 2023 PFD).
•Intent to Stay: At the time of application, you need to intend to remain as a resident of Alaska for an indefinite time.
•Not Incarcerated: You could not have any convictions for specific felony offenses, or have been incarcerated in the qualifying year.
•Application: Most importantly, you need to submit an application for the PFD within the designated time frame (generally early January to late March every year).
For those who resided in Alaska, eligibility was not enough. Failing to apply on time meant payment was forfeited.
•Disqualifications: Past overpayments, or inaccuracy of eligibility could restrict receiving payment.
Here’s the text we’re looking at: The energy relief payment was automatically distributed to everyone who qualified for and received the 2023 PFD. There was no need for a separate application.
Why the Confusion with "Stimulus"?
It makes sense that folks outside of Alaska might associate this $1700+ payment with federal stimulus efforts:
1. Timing: It arrived in 2023, a period when inflation and soaring energy costs were on everyone’s minds, and the memory of federal stimulus checks was still vivid.
2. Size: At $1702, it’s a significant amount for an individual, similar to previous federal stimulus payments.
3. Purpose (Energy Relief): The term "Energy Relief Payment" directly reflects the *intent* behind stimulus checks – offering financial support during tough economic times.
However, the Key Differences are Fundamental:
Source: Federal stimulus funds come from the U.S. Treasury (backed by taxes and borrowing).
In contrast, the $1702 was entirely sourced from Alaska state funds: oil revenues invested in the Permanent Fund and state allocations for energy relief.
Scope: Federal stimulus is designed for nationwide impact, while this payment was *specifically* for eligible Alaskans.
Permanence: The PFD is an annual program that people expect (though the amount can change each year). The energy relief was a one-time bonus. Federal stimulus checks are also usually one-off responses to particular crises.
Philosophy: The PFD represents a unique model of resource ownership – Alaskans literally own a piece of the state’s oil wealth. Federal stimulus, on the other hand, is more like economic disaster relief or broad fiscal policy.
Impact and Expert Perspective
"For Alaskans, particularly those in lower and middle-income brackets, the combination of the PFD and the energy relief payment in 2023 served as a crucial economic lifeline,"
says Dr. Mouhcine Guettabi, an economist at the University of Alaska Anchorage's Institute of Social and Economic Research (ISER). "The PFD alone often provides a noticeable boost to household income, especially in rural areas.
The addition of the energy relief payment directly tackled the biggest cost increase many families were facing. It’s a great example of how a state can leverage its unique financial setup to address the immediate economic challenges its residents encounter."
Research from ISER has consistently demonstrated that the PFD plays a significant role in reducing poverty in Alaska, particularly among children and in rural Indigenous communities.
That extra $390, while it may seem small, likely went straight to essentials like heating oil or paying off energy-related debts.
Case in Point: Sarah from Anchorage
Sarah, a single mom of two who works in healthcare, received the $1702 payment in October.
"The PFD is always a blessing – we typically use it for winter clothes for the kids and maybe to catch up on a bill," she explained. "But that extra $390 last year?
That went directly to the fuel oil company. I was facing a $500 fill-up just as the cold weather hit. That payment lifted a huge burden off my shoulders. It felt like the state really understood how tough things were for us."
The Bottom Line: Not Federal Stimulus, But Meaningful State Relief
1. The $1702 payment wasn’t a sign of a new federal stimulus initiative. It was a distinctly Alaskan approach:
the annual distribution of oil wealth through the Permanent Fund Dividend, enhanced by a targeted, one-time effort from the state legislature to assist residents in managing skyrocketing energy costs.
2. For Alaskans, especially those from lower and middle-income families, the combination of the PFD and the energy relief payment in 2023 was a vital economic support,"
explains Dr. Mouhcine Guettabi, an economist at the University of Alaska Anchorage's Institute of Social and Economic Research (ISER).
"The PFD alone often gives a noticeable boost to household income, particularly in rural areas. The energy relief payment directly tackled the biggest cost increase many families were facing.
It’s a perfect example of how a state can use its unique financial resources to respond to
Here’s the text we’re looking at: Key Takeaways:
1. It was Alaskan: Only residents of Alaska who met the criteria received this payment.
2. It was Combined: The total comes to $1,312 (2023 PFD) + $390 (Energy Relief) = $1,702.
3. It Required Action: It was crucial to file the annual PFD application before the deadline.
4. It's Not Annual (The Full $1702): While the PFD is distributed every year (the amount for 2024 is still being figured out), the specific $390 energy relief add-on was a one-time deal in 2023
5. It Highlights State Solutions: This situation shows how states with particular resources or financial tools can create targeted relief for their residents, without needing federal intervention.
So, if you were dreaming of a surprise $1,702 check from the IRS this year, that’s probably not happening unless you’re an eligible Alaskan who applied for the 2023 PFD.
However, Alaska's $1,702 payment serves as a strong example of how states can use their unique resources to directly help their citizens during challenging economic times – a different kind of "stimulus," but just as significant. Keep an eye on Alaska;
the PFD amount changes every year, and while another *exact* $1,702 combo isn’t guaranteed, the idea of sharing resource wealth remains.
Here’s the text we’re analyzing: Key Takeaways:
1. It was Alaskan: This payment was only available to eligible residents of Alaska.
2. It was Combined: The total amount is $1,312 (2023 PFD) + $390 (Energy Relief) = $1,702.
3. It Required Action: You had to file the annual PFD application before the deadline to qualify.
4. It's Not Annual (The Full $1702): While the PFD is distributed every year (the amount for 2024 is still being figured out), the specific $390 energy relief add-on was a **one-time deal in 2023
5. It Highlights State Solutions: This situation showcases how states with particular resources or financial tools can create targeted relief for their residents, without waiting for federal assistance.
So, if you were dreaming of a surprise $1,702 check from the IRS this year, that’s probably not happening unless you’re an eligible Alaskan who applied for the 2023 PFD. However,
Alaska's $1,702 payment serves as a strong example of how states can use their unique resources to directly help their citizens during challenging economic times – a different kind of "stimulus," but just as significant. Keep an eye on Alaska; the PFD amount changes every year, and while we can’t guarantee another *exact* $1,702 combo, the idea of sharing resource wealth is here to stay.