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The Alaska Permanent Fund ( APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation ( APFC ). [ 1] It was established in Alaska in 1976 [ 2] by Article 9, Section 15 of the Alaska State Constitution [ 3] under Governor Jay Hammond and Attorney General Avrum Gross.
The Alaska Permanent Fund is a legislatively controlled appropriation established in 1976 to manage a surplus in state petroleum revenues from the recently constructed Trans-Alaska Pipeline System. From its initial principal of $734,000, the fund has grown to $40 billion as a result of oil royalties and capital investment programs. [26]
Alaska is the largest U.S. state by area, comprising more total area than the following three largest states of Texas, California, and Montana combined, and is the sixth-largest subnational division in the world. It is the third-least populous and most sparsely populated U.S. state, but is, with a population of 736,081 as of 2020, the continent ...
Alaska was admitted to the Union on January 3, 1959. The state constitution provides for the election of a governor and lieutenant governor every four years on the same ticket, with their terms commencing on the first Monday in the December following the election. Governors are allowed to succeed themselves once, having to wait four years after ...
Alaska also is included in this group, except for those who received the annual payment of Alaska's Permanent Fund Dividend. That is considered taxable income on federal tax returns, the statement ...
In 1976, the state's constitution was amended to establish the Alaska Permanent Fund, in which a quarter of all mineral lease proceeds is invested. Income from the fund is used to pay annual dividends to all residents who qualify, to increase the fund's principal as a hedge against inflation, and to provide funds for the state legislature.
Put simply, a permanent fund may be used to generate and disburse money to those entitled to receive payments by qualification or agreement, as in the case of Alaska citizens or residents that satisfy the rules for payment from their permanent fund from State oil revenues. It was first introduced through GASB Statement 34. The name of the fund ...
In the state of Alaska, residents receive annual dividends from a permanent fund funded partially by oil-lease revenues. In 2013, the dividend came to $900 per resident. In 2013, the dividend came to $900 per resident.