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SCS CSHB 269(FIN): "An Act establishing the Alaska public broadcasting trust fund as a trust fund of the state, and providing for its administration; relating to credits against certain taxes for contributions to the Alaska public broadcasting trust fund, increasing the amounts that may be claimed as credits against certain state taxes, and precluding claims of the contributions as both credits and deductions against the taxes; and terminating the credits authorized by this Act at the end of five years; and providing for an effective date."

00 SENATE CS FOR CS FOR HOUSE BILL NO. 269(FIN)                                                                            
01 "An Act establishing the Alaska public broadcasting trust fund as a trust fund                                          
02 of the state, and providing for its administration; relating to credits against                                         
03 certain taxes for contributions to the Alaska public broadcasting trust fund,                                           
04 increasing the amounts that may be claimed as credits against certain state                                             
05 taxes, and precluding claims of the contributions as both credits and deductions                                        
06 against the taxes; and terminating the credits authorized by this Act at the end                                        
07 of five years; and providing for an effective date."                                                                    
08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
09    * Section 1.  PURPOSE.  Sections 1 - 3 and 5 - 12 of this Act extend the credits authorized                          
10 by ch. 58, SLA 1987, ch. 71, SLA 1991, and ch. 21, SLA 1994, against each of the following                              
11 state taxes for contributions made to the Alaska public broadcasting trust fund established in                          
12 AS 37.14:                                                                                                               
13   (1)  the insurance premium tax (AS 21.09.210) and the tax on title insurance                                          
14 premiums (AS 21.66.110);                                                                                                
01   (2)  Alaska Net Income Tax (AS 43.20);                                                                                
02   (3)  Oil and Gas Properties Production Tax (AS 43.55);                                                                
03   (4)  Oil and Gas Exploration, Production, and Pipeline Transportation Property                                        
04 Tax (AS 43.56);                                                                                                         
05   (5)  Mining License Tax (AS 43.65).                                                                                   
06    * Sec. 2.  AS 21.89.070(a) is amended to read:                                                                       
07  (a)  Subject to (c) of this section, a [A] taxpayer is allowed as a credit against                                
08 the tax due under AS 21.09.210 or AS 21.66.110 the taxpayer's [FOR] cash                                              
09 contributions                                                                                                           
10   (1)  for direct instruction, research, and educational support purposes,                                           
11 including library and museum acquisitions, and contributions to endowment, that are                                     
12 accepted by a nonprofit, public or private, Alaska two-year or four-year college or                                     
13 university accredited by a regional accreditation association or that are accepted by an                                
14 Alaska university foundation that supports a university or college that could receive a                                 
15 contribution for which a taxpayer may obtain a credit under this section; the [. THE]                                 
16 amount of the credit is the lesser of                                                                                   
17   (A) [(1)]  an amount equal to                                                                                     
18   (i) [(A)]  50 percent of contributions of not more than                                                          
19 $100,000; and                                                                                                           
20   (ii) [(B)]  100 percent of the next $100,000 of                                                                  
21 contributions; or                                                                                                       
22   (B) [(2)]  50 percent of the taxpayer's tax liability under this title;                                          
23   (2)  made after the effective date of this Act and through                                                           
24 December 31, 2001, to the Alaska public broadcasting trust fund established under                                       
25 AS 37.14.550; the amount of the credit is equal to 50 percent of annual                                                 
26 contributions of not more than $300,000.                                                                               
27    * Sec. 3.  AS 21.89.070(c) is amended to read:                                                                       
28  (c)  In each tax year, contributions [A CONTRIBUTION] claimed as a credit                                           
29 under this section                                                                                                      
30   (1)  may not be claimed as a credit under more than one provision of this                                            
31 title; [AND]                                                                                                            
01   (2)  may not be allowed as a deduction against a tax imposed by this                                                
02 title or as a deduction against a tax imposed by AS 43; and                                                             
03   (3)  may not, when combined with credits taken during the taxpayer's tax                                            
04 year under AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, or AS 43.75.018,                                    
05   (A)  through December 31, 2001, exceed $300,000; and                                                                
06   (B)  after December 31, 2001, exceed $150,000.                                                                     
07    * Sec. 4.  AS 37.14 is amended by adding new sections to read:                                                       
08 ARTICLE 7.  ALASKA PUBLIC BROADCASTING TRUST FUND.                                                                      
09  Sec. 37.14.550.  ALASKA PUBLIC BROADCASTING TRUST FUND                                                                
10 ESTABLISHED.  (a)  The Alaska public broadcasting trust fund is established as a                                        
11 separate endowment trust fund of the state.                                                                             
12  (b)  The principal of the fund consists of                                                                            
13   (1)  legislative appropriations to the fund; and                                                                     
14   (2)  gifts, bequests, and contributions of cash or other assets to the fund.                                         
15  (c)  The net income of the fund shall be determined by the commissioner of                                            
16 revenue in accordance with investment accounting principles and in a manner that                                        
17 preserves the distinction between principal and income.                                                                 
18  Sec. 37.14.560.  POWERS AND DUTIES OF THE COMMISSIONER OF                                                             
19 REVENUE.  The commissioner of revenue is the treasurer of the fund and has the power                                    
20 and duty to:                                                                                                            
21   (1)  act as official custodian of the cash and investments belonging to the                                          
22 fund by securing adequate and safe custodial facilities;                                                                
23   (2)  receive all items of cash and investments belonging to the fund;                                                
24   (3)  collect the principal and income from investments owned or acquired                                             
25 by the fund and deposit the amounts in separate principal and income accounts for the                                   
26 fund;                                                                                                                   
27   (4)  invest and reinvest the assets of the fund as provided in this section                                          
28 and as provided for the investment of funds under AS 14.25.180(c) and AS 37.14.170;                                     
29   (5)  exercise the powers of an owner with respect to the assets of the                                               
30 fund;                                                                                                                   
31   (6)  maintain accounting records of the fund in accordance with                                                      
01 investment accounting principles and with distinction between the principal and income                                  
02 accounts of the fund;                                                                                                   
03   (7)  engage an independent firm of certified public accountants to annually                                          
04 audit the financial condition of the fund's investments and investment transactions;                                    
05   (8)  enter into and enforce contracts or agreements considered necessary                                             
06 for the investment purposes of the fund;                                                                                
07   (9)  report to the commission the condition and investment performance                                               
08 of the fund;                                                                                                            
09   (10)  do all acts, whether or not expressly authorized, that the                                                     
10 commissioner of revenue considers necessary or proper in administering the assets of the                                
11 fund.                                                                                                                   
12  Sec. 37.14.570.  ADMINISTRATION OF THE FUND.  The fund shall be                                                       
13 administered by the Alaska Public Broadcasting Commission.                                                              
14  Sec. 37.14.580.  POWERS AND DUTIES OF THE COMMISSION.  When                                                           
15 acting as administrator of the fund, the commission shall                                                               
16   (1)  hold regular and special meetings it considers necessary; the                                                   
17 commission may hold meetings by teleconference;                                                                         
18   (2)  award grants from the net income of the fund under AS 44.21.256 -                                               
19 44.21.290;                                                                                                              
20   (3)  solicit contributions, gifts, and bequests to the fund; and                                                     
21   (4)  keep audiotape recordings of each meeting of the commission to be                                               
22 made available on request.                                                                                              
23  Sec. 37.14.590.  USE OF FUND.  (a)  The  principal of the fund and any capital                                        
24 gains or losses realized on the principal shall be retained perpetually in the fund for                                 
25 investment as specified in AS 37.14.560, and may not be used for the awarding of                                        
26 grants.                                                                                                                 
27  (b)  The net income of the fund may be appropriated for the following purposes:                                       
28   (1)  awarding grants;                                                                                                
29   (2)  soliciting contributions, gifts, and bequests for the fund; and                                                 
30   (3)  offsetting the effect of inflation on the fund's principal during the                                           
31 fiscal year; and                                                                                                        
01   (4)  reimbursing the Department of Revenue for the costs of establishing                                             
02 the fund.                                                                                                               
03  (c)  Realized net income that has not been appropriated, or that has been                                             
04 appropriated but not expended, shall be invested until appropriated and expended.                                       
05  Sec. 37.14.599.  DEFINITIONS.  In AS 37.14.550 - 37.14.599,                                                           
06   (1)  "commission" means the Alaska Public Broadcasting Commission                                                    
07 established under AS 44.21.256;                                                                                         
08   (2)  "fund" means the Alaska public broadcasting trust fund established                                              
09 under AS 37.14.550.                                                                                                     
10    * Sec. 5.  AS 43.20.014(a) is amended to read:                                                                       
11  (a)  Subject to (d) of this section, a taxpayer is allowed as a credit against the                                   
12 tax due under this chapter the taxpayer's contributions as follows:                                                     
13   (1)  for [FOR] cash contributions accepted for direct instruction, research,                                        
14 and educational support purposes, including library and museum acquisitions, and                                        
15 contributions to endowment, by an Alaska university foundation or by a nonprofit, public                                
16 or private, Alaska two-year or four-year college accredited by a regional accreditation                                 
17 association,                                                                                                            
18   (A) [A TAXPAYER IS ALLOWED AS A CREDIT AGAINST                                                                    
19 THE TAX DUE UNDER THIS CHAPTER (1)]  50 percent of contributions of                                                     
20 not more than $100,000; and                                                                                             
21   (B) [(2)]  100 percent of the next $100,000 of contributions; and                                               
22   (2)  for cash contributions made after the effective date of this Act                                               
23 and through December 31, 2001, to the Alaska public broadcasting trust fund                                             
24 established under AS 37.14.550, 50 percent of annual contributions of not more than                                     
25 $300,000.                                                                                                              
26    * Sec. 6.  AS 43.20.014(d) is amended to read:                                                                       
27  (d)  In each tax year, contributions [A CONTRIBUTION] claimed as a credit                                           
28 under this section                                                                                                      
29   (1)  may not be claimed as a credit under another provision of this title;                                           
30   (2)  may not also be allowed as a deduction [UNDER 26 U.S.C. 170]                                                    
31 against the tax imposed by this chapter or as a deduction against another tax imposed                                  
01 by this title; and                                                                                                     
02   (3)  may not, when combined with credits taken during the taxpayer's tax                                             
03 year under AS 21.89.070, AS 43.55.019, AS 43.56.018, AS 43.65.018, or AS 43.75.018,                                    
04   (A)  through December 31, 2001, exceed $300,000; and                                                                
05   (B)  after December 31, 2001, exceed $150,000.                                                                     
06    * Sec. 7.  AS 43.55.019(a) is amended to read:                                                                       
07  (a)  Subject to (d) of this section, a producer of oil or gas is allowed as a                                        
08 credit against the tax due under this chapter the producer's contributions as                                           
09 follows:                                                                                                                
10   (1)  for [FOR] cash contributions accepted for direct instruction, research,                                        
11 and educational support purposes, including library and museum acquisitions, and                                        
12 contributions to endowment, by an Alaska university foundation or by a nonprofit, public                                
13 or private, Alaska two-year or four-year college accredited by a regional accreditation                                 
14 association,                                                                                                            
15   (A)  [A PRODUCER OF OIL OR GAS IS ALLOWED AS A                                                                    
16 CREDIT AGAINST THE TAX DUE UNDER THIS CHAPTER (1)]  50 percent                                                          
17 of contributions of not more than $100,000; and                                                                         
18   (B) [(2)]  100 percent of the next $100,000 of contributions; and                                                
19   (2)  for cash contributions made after the effective date of this Act                                                
20 and through December 31, 2001, to the Alaska public broadcasting trust fund                                             
21 established under AS 37.14.550, 50 percent of annual contributions of not more than                                     
22 $300,000.                                                                                                              
23    * Sec. 8.  AS 43.55.019(d) is amended to read:                                                                       
24  (d)  In each tax year, contributions [A CONTRIBUTION] claimed as a credit                                           
25 under this section may not                                                                                              
26   (1)  be claimed as a credit under another provision of this title; [AND]                                             
27   (2)  be allowed as a deduction against the tax imposed by this chapter                                              
28 or as a deduction against another tax imposed by this title; and                                                        
29   (3)  when combined with credits taken during the taxpayer's tax year                                                
30 under AS 21.89.070, AS 43.20.014, AS 43.56.018, AS 43.65.018, or AS 43.75.018,                                         
31   (A)  through December 31, 2001, exceed $300,000; and                                                                
01   (B)  after December 31, 2001, exceed $150,000.                                                                     
02    * Sec. 9.  AS 43.56.018(a) is amended to read:                                                                       
03  (a)  Subject to (d) of this section, the owner of property taxable under this                                        
04 chapter is allowed as a credit against the tax due under this chapter the owner's                                       
05 contributions as follows:                                                                                               
06   (1)  for [FOR] cash contributions accepted for direct instruction, research,                                        
07 and educational support purposes, including library and museum acquisitions, and                                        
08 contributions to endowment, by an Alaska university foundation or by a nonprofit, public                                
09 or private, Alaska two-year or four-year college accredited by a regional accreditation                                 
10 association,                                                                                                            
11   (A)  [THE OWNER OF PROPERTY TAXABLE UNDER THIS                                                                    
12 CHAPTER IS ALLOWED AS A CREDIT AGAINST THE TAX DUE UNDER                                                                
13 THIS CHAPTER (1)]  50 percent of contributions of not more than $100,000;                                               
14 and                                                                                                                     
15   (B) [(2)]  100 percent of the next $100,000 of contributions; and                                              
16   (2)  for cash contributions made after the effective date of this Act                                                
17 and through December 31, 2001, to the Alaska public broadcasting trust fund                                             
18 established under AS 37.14.550, 50 percent of annual contributions of not more than                                     
19 $300,000.                                                                                                              
20    * Sec. 10.  AS 43.56.018(d) is amended to read:                                                                      
21  (d)  In each tax year, contributions [A CONTRIBUTION] claimed as a credit                                           
22 under this section may not                                                                                              
23   (1)  be claimed as a credit under another provision of this title; [AND]                                             
24   (2)  be allowed as a deduction against the tax imposed by this chapter                                              
25 or as a deduction against another tax imposed by this title; and                                                       
26   (3)  when combined with credits taken during the taxpayer's tax year                                               
27 under AS 21.89.070, AS 43.20.014, AS 43.55.019, AS 43.65.018, or AS 43.75.018,                                         
28   (A)  through December 31, 2001, exceed $300,000; and                                                                
29   (B)  after December 31, 2001, exceed $150,000.                                                                     
30    * Sec. 11.  AS 43.65.018(a) is amended to read:                                                                      
31  (a)  Subject to (d) of this section, a person engaged in the business of mining                                      
01 in the state is allowed as a credit against the tax due under this chapter the                                          
02 contributions made by the person as follows:                                                                            
03   (1)  for [FOR] cash contributions accepted for direct instruction, research,                                        
04 and educational support purposes, including library and museum acquisitions, and                                        
05 contributions to endowment, by an Alaska university foundation or by a nonprofit, public                                
06 or private, Alaska two-year or four-year college accredited by a regional accreditation                                 
07 association,                                                                                                            
08   (A)  [A PERSON ENGAGED IN THE BUSINESS OF MINING                                                                  
09 IN THE STATE IS ALLOWED AS A CREDIT AGAINST THE TAX DUE                                                                 
10 UNDER THIS CHAPTER (1)]  50 percent of contributions of not more than                                                   
11 $100,000; and                                                                                                           
12   (B) [(2)]  100 percent of the next $100,000 of contributions; and                                              
13   (2)  for cash contributions made after the effective date of this Act                                                
14 and through December 31, 2001, to the Alaska public broadcasting trust fund                                             
15 established under AS 37.14.550, 50 percent of annual contributions of not more than                                     
16 $300,000.                                                                                                              
17    * Sec. 12.  AS 43.65.018(d) is amended to read:                                                                      
18  (d)  In each tax year, contributions [A CONTRIBUTION] claimed as a credit                                           
19 under this section may not                                                                                              
20   (1)  be claimed as a credit under another provision of this title; [AND]                                             
21   (2)  be allowed as a deduction against the tax imposed by this chapter                                              
22 or as a deduction against another tax imposed by this title; and                                                        
23   (3)  when combined with credits taken during the taxpayer's tax year                                                
24 under AS 21.89.070, AS 43.20.014, AS 43.55.019, AS 43.56.018, or AS 43.75.018,                                         
25   (A)  through December 31, 2001, exceed $300,000; and                                                                
26   (B)  after December 31, 2001, exceed $150,000.                                                                     
27    * Sec. 13.  AS 44.21.266 is amended to read:                                                                         
28  Sec. 44.21.266.  DUTIES OF THE COMMISSION.  The commission shall                                                      
29   (1)  have responsibility for administration of the Alaska public                                                    
30 broadcasting trust fund under AS 37.14.580, apply for federal and private funds for                                    
31 public broadcasting purposes,  [AND] receive all federal, state, or private funds, property,                          
01 or assistance that may be appropriated, granted, or otherwise made available to the                                     
02 commission for public broadcasting purposes, and use and disburse funds and property                                    
03 for purposes consistent with the terms of AS 44.21.256 - 44.21.290, subject to reasonable                               
04 limitations imposed by the grantor;                                                                                     
05   (2)  provide consultative services in all aspects of public broadcasting to                                          
06 all public or private agencies in the state that request them;                                                          
07   (3)  serve as a library and clearinghouse for public broadcasting                                                    
08 information;                                                                                                            
09   (4)  through grants to qualified entities, develop an integrated public                                              
10 broadcasting network for the state;                                                                                     
11   (5)  through grants to qualified entities, develop and distribute public                                             
12 broadcasting programming in the state;                                                                                  
13   (6)  prepare and submit to the governor and the legislature, in compliance                                           
14 with the state information systems plan adopted by the Telecommunications Information                                   
15 Council in the Office of the Governor, a long-term plan for the development of public                                   
16 broadcasting stations and systems in the state, and biennially update the plan; and                                     
17   (7)  perform all other functions necessary to ensure the orderly and                                                 
18 coordinated development of public broadcasting in the state.                                                            
19    * Sec. 14.  Sections 1 - 3 and 5 - 12 of this Act apply to tax years beginning after the                             
20 December 31 that precedes the effective date of this Act.                                                               
21    * Sec. 15.  This Act takes effect January 1, 1997.