00CS FOR SENATE BILL NO. 240(2d FIN)                                                                                      
01 "An Act relating to an optional municipal tax exemption for student housing for                                         
02 the University of Alaska."                                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 29.45.050(b) is amended to read:                                                                    
05  (b)  A municipality may by ordinance                                                                                  
06   (1)  classify boats and vessels for the purposes of taxation and may                                                 
07 establish the assessed valuation of boats and vessels on the basis of their registered or                               
08 certificated net tonnage;                                                                                               
09   (2)  classify and exempt from taxation                                                                               
10   (A)  the property of an organization not organized for business                                                     
11 or profit-making purposes and used exclusively for community purposes if the                                            
12 income derived from rental of that property does not exceed the actual cost to                                          
13 the owner of the use by the renter;                                                                                     
14   (B)  historic sites, buildings, and monuments;                                                                      

01   (C)  land of a nonprofit organization used for agricultural                                                         
02 purposes if rights to subdivide the land are conveyed to the state and the                                              
03 conveyance includes a covenant restricting use of the land to agricultural                                              
04 purposes only; rights conveyed to the state under this subparagraph may be                                              
05 conveyed by the state only in accordance with AS 38.05.069(c);                                                          
06   (D)  all or any portion of private ownership interests in                                                          
07 property used exclusively for student housing for the University of Alaska;                                            
08   (3)  exempt personal property from taxation;                                                                         
09   (4)  exempt business inventories from taxation;                                                                      
10   (5)  classify as to type and exempt or partially exempt any or all types                                             
11 of motor vehicles from taxation.