Senate fails to pass SB 1002, the PFD bill

Juneau, Alaska (KINY) - The Senate failed to pass Senate Bill 1002 that would have set the PFD at $1,600 this year.

The Alaska Senate has rejected a full dividend payout from the state's oil-wealth fund as part of the debate over this year's check.

The 10-8 vote came after a divided Senate adopted an amendment calling for a full payout, with checks to qualified residents estimated to be around $3,000. The initial bill proposed $1,600 checks.

The bill needed 11 votes to pass.

Supporters of the revised bill said an existing dividend calculation should be followed, a position Gov. Mike Dunleavy has taken. The existing calculation hasn't been followed in recent years amid a budget deficit.

But critics said the existing formula is not sustainable and conflicts with a law calling for limited withdrawals from fund earnings for dividends and government costs

More from News of the North