This year’s Permanent Fund dividend will be $1,312, according to an announcement by the Alaska Department of Revenue Thursday afternoon.

Eligible Alaska residents who filed electronically or requested a direct deposit will receive their PFDs the week of Oct. 5. Paper checks can be expected the week of Oct. 26.

The $1,312 amount is $8 more than what was passed by the Legislature in May. Last year residents received a $3,284 PFD — one of the highest in state history — and included an additional $650 energy relief check.

It’s estimated more than 600,000 Alaskans are eligible and will receive dividends, according to the department. Eligible residents can check the status of their application at https://myinfo.pfd.dor.alaska.gov/home.

The amount of this year’s PFD was one of the biggest battles of the legislative session, with Gov. Mike Dunleavy originally proposing a “statutory” dividend of about $3,900 and the Republican-led House majority proposing a dividend of $2,700. But each of those amounts would have resulted in a sizeable deficit in the state budget and, following a stalemate that resulted in a one-day special session, legislators agreed on a plan backed by the bipartisan state Senate majority that included a projected $1,304 dividend.

As part of the deal, lawmakers agreed to an extra payment for residents of up to $500 in 2024 if oil prices during the fiscal year ending June 30, 2024, average at least $83 per barrel. Prices were generally below that level during the first few weeks of the fiscal year, but have risen steadily since and been above $90 a barrel during September.

• Contact reporter Clarise Larson at clarise.larson@juneauempire.com or (651) 528-1807.