Gov. Mike Dunleavy has proposed a dividend for residents from Alaska’s oil-wealth fund in line with a formula that lawmakers haven’t followed in years and said he intends to pursue carbon sequestration.
There is a yearly application process for dividends and residency requirements to meet. This year, residents received $3,284, which included an energy relief payment of $662.
In 2016, then-Gov. Bill Walker vetoed a portion of the money available for dividends amid deficits. Lawmakers since then have decided how much should go toward the annual checks. Lawmakers in recent years also have relied on permanent fund earnings to help pay for government while seeking to limit withdrawals from earnings for government spending and dividends. That limit for the next budget year would be about $3.5 billion.
He said he plans to introduce a carbon sequestration bill, with details around that proposal still being worked out. He said he sees carbon sequestration as a potential source of revenue for a state that has long relied on oil.The U.S. Geological Survey says carbon dioxide is the most commonly produced greenhouse gas and that carbon sequestration is the process of capturing and storing atmospheric carbon dioxide.
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