SB 311: "An Act authorizing a credit against the fishery resource landing tax for certain contributions made by taxpayers not harvesting fisheries resources under a community development quota and for contributions based on fishery resources not harvested under a quota made by taxpayers harvesting fisheries resources under a community development quota, amending the manner of calculating the amount available for revenue sharing by operation of this credit, and expediting agency review of the credit applications under that tax; and providing for an effective date."
00SENATE BILL NO. 311 01 "An Act authorizing a credit against the fishery resource landing tax for certain 02 contributions made by taxpayers not harvesting fisheries resources under a 03 community development quota and for contributions based on fishery resources 04 not harvested under a quota made by taxpayers harvesting fisheries resources 05 under a community development quota, amending the manner of calculating the 06 amount available for revenue sharing by operation of this credit, and expediting 07 agency review of the credit applications under that tax; and providing for an 08 effective date." 09 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 10 * Section 1. AS 43.77.040(b) is amended to read: 11 (b) A taxpayer who makes a contribution that qualifies for the credit 12 authorized by (a) or (e) of this section must apply to obtain the credit. The taxpayer 13 shall apply to the department in the manner provided by the department by regulation, 14 and shall provide to the commissioner all information relating to the contribution that
01 may be required by the department. Upon receipt of a complete application, the 02 department, in consultation with the Department of Community and Regional Affairs, 03 shall approve or disapprove the application for the credit within 60 days. On 04 application by a nonprofit corporation, if, after notice and opportunity for public 05 comment, the commissioner determines that all contributions to the nonprofit 06 corporation would be used exclusively for a purpose that qualifies for the credit 07 under (a) or (e) of this section, the commissioner shall establish a procedure for 08 expedited review and approval of credit applications relating to contributions to 09 that corporation. 10 * Sec. 2. AS 43.77.040(c) is amended to read: 11 (c) The department shall revoke a prior approval of a tax credit and may not 12 allow a tax credit under this section if (1) the department determines that the 13 contribution does not qualify under (a) or (e) of this section; or (2) the taxpayer 14 claiming the credit is in arrears in the payment of a tax levied in this title. For 15 purposes of this subsection, a taxpayer is not in arrears if the payment is under 16 administrative or judicial appeal. 17 * Sec. 3. AS 43.77.040 is amended by adding a new subsection to read: 18 (e) Each of the following may claim as a credit, against not more than 13.65 19 percent of the tax under this chapter that is due on the value of the fishery resource 20 not harvested under a community development quota, the taxpayer's contributions 21 made during the tax year to a nonprofit corporation incorporated under the laws of the 22 state that are used by the recipient for one or more of the purposes set out in (a) of 23 this section: 24 (1) a taxpayer other than a taxpayer who is eligible for a credit under 25 (a) of this section; 26 (2) a taxpayer who is eligible for a credit under (a) of this section, but 27 the credit under this subsection may be claimed only from contributions that are made 28 from the value of the fishery resource that is not harvested under a community 29 development quota. 30 * Sec. 4. AS 43.77.050(b) is amended to read: 31 (b) After payment of the amount determined under (a) of this section, the
01 balance of the tax collected under this chapter shall be paid into a separate account in 02 the general fund. The annual balance in the account may be appropriated by the 03 legislature for revenue sharing under AS 43.77.060. Before making the payments 04 to municipalities authorized by AS 43.77.060, from amounts payable to 05 municipalities under AS 43.77.060(a) - (c) the commissioner shall deduct 06 (1) the entire [THE] amount of [ALL] tax credits authorized by 07 AS 43.77.040(a) that have been approved by the commissioner under 08 AS 43.77.040(b); and 09 (2) one-half of the amount of tax credits authorized by 10 AS 43.77.040(e) that have been approved by the commissioner under 11 AS 43.77.040(b) [SHALL BE DEDUCTED FROM AMOUNTS PAID TO 12 MUNICIPALITIES UNDER AS 43.77.060(a) - (c)]. 13 * Sec. 5. If this Act takes effect after July 1, 1994, this Act is retroactive to July 1, 1994. 14 * Sec. 6. This Act takes effect July 1, 1994, and applies to fishery resource landing taxes 15 paid after June 30, 1994.