HB 21: "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."
00HOUSE BILL NO. 21 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 15 a contribution for which a taxpayer may obtain a credit under this section; the [. 16 THE] 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 23 title; 24 (2) made after the effective date of this Act and through 25 December 31, 2002, to the Alaska public broadcasting trust fund established 26 under AS 37.14.550; the amount of the credit is equal to 50 percent of annual 27 contributions of not more than $300,000. 28 * Sec. 3. AS 21.89.070(c) is amended to read: 29 (c) In each tax year, contributions [A CONTRIBUTION] claimed as a credit 30 under this section may not 31 (1) be claimed as a credit under more than one provision of this title;
01 [AND] 02 (2) be allowed as a deduction against a tax imposed by this title or 03 as a deduction against a tax imposed by AS 43; and 04 (3) when combined with credits taken during the taxpayer's tax year 05 under AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or 06 AS 43.77.045 07 (A) through December 31, 2002, exceed $300,000; and 08 (B) after December 31, 2002, exceed $150,000. 09 * Sec. 4. AS 37.14 is amended by adding new sections to read: 10 Article 7. Alaska Public Broadcasting Trust Fund. 11 Sec. 37.14.550. Alaska public broadcasting trust fund established. (a) The 12 Alaska public broadcasting trust fund is established as a separate endowment trust fund 13 of the state. 14 (b) The principal of the fund consists of 15 (1) legislative appropriations to the fund; and 16 (2) gifts, bequests, and contributions of cash or other assets to the fund. 17 (c) The net income of the fund shall be determined by the commissioner of 18 revenue in accordance with investment accounting principles and in a manner that 19 preserves the distinction between principal and income. 20 Sec. 37.14.560. Powers and duties of the commissioner of revenue. The 21 commissioner of revenue is the treasurer of the fund and has the power and duty to 22 (1) act as official custodian of the cash and investments belonging to the 23 fund by securing adequate and safe custodial facilities; 24 (2) receive all items of cash and investments belonging to the fund; 25 (3) collect the principal and income from investments owned or acquired 26 by the fund and deposit the amounts in separate principal and income accounts for the 27 fund; 28 (4) invest and reinvest the assets of the fund as provided in this section 29 and as provided for the investment of funds under AS 14.25.180(c) and AS 37.14.170; 30 (5) exercise the powers of an owner with respect to the assets of the 31 fund;
01 (6) maintain accounting records of the fund in accordance with 02 investment accounting principles and with distinction between the principal and income 03 accounts of the fund; 04 (7) engage an independent firm of certified public accountants to annually 05 audit the financial condition of the fund's investments and investment transactions; 06 (8) enter into and enforce contracts or agreements considered necessary 07 for the investment purposes of the fund; 08 (9) report to the commission the condition and investment performance 09 of the fund; 10 (10) do all acts, whether or not expressly authorized, that the 11 commissioner of revenue considers necessary or proper in administering the assets of the 12 fund. 13 Sec. 37.14.570. Administration of the fund. The fund shall be administered 14 by the Alaska Public Broadcasting Commission. 15 Sec. 37.14.580. Powers and duties of the commission. When acting as 16 administrator of the fund, the commission shall 17 (1) hold regular and special meetings it considers necessary; the 18 commission may hold meetings by teleconference; 19 (2) award grants from the net income of the fund under AS 44.21.256 - 20 44.21.290; 21 (3) solicit contributions, gifts, and bequests to the fund; and 22 (4) keep audiotape recordings of each meeting of the commission to be 23 made available on request. 24 Sec. 37.14.590. Use of fund. (a) The principal of the fund and any capital 25 gains or losses realized on the principal shall be retained perpetually in the fund for 26 investment as specified in AS 37.14.560 and may not be used for the awarding of 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; 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, 2002, 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 may not 29 (1) be claimed as a credit under another provision of this title; 30 (2) also be allowed as a deduction [UNDER 26 U.S.C. 170] against the 31 tax imposed by this chapter or as a deduction against another tax imposed by this
01 title; and 02 (3) when combined with credits taken during the taxpayer's tax year 03 under AS 21.89.070, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or 04 AS 43.77.045 05 (A) through December 31, 2002, exceed $300,000; and 06 (B) after December 31, 2002, exceed $150,000. 07 * Sec. 7. AS 43.55.019(a) is amended to read: 08 (a) Subject to (d) of this section, a producer of oil or gas is allowed as a 09 credit against the tax due under this chapter the producer's contributions as 10 follows: 11 (1) for [FOR] cash contributions accepted for direct instruction, research, 12 and educational support purposes, including library and museum acquisitions, and 13 contributions to endowment, by an Alaska university foundation or by a nonprofit, public 14 or private, Alaska two-year or four-year college accredited by a regional accreditation 15 association, 16 (A) [A PRODUCER OF OIL OR GAS IS ALLOWED AS A 17 CREDIT AGAINST THE TAX DUE UNDER THIS CHAPTER (1)] 50 percent 18 of contributions of not more than $100,000; and 19 (B) [(2)] 100 percent of the next $100,000 of contributions; and 20 (2) for cash contributions made after the effective date of this Act 21 and through December 31, 2002, to the Alaska public broadcasting trust fund 22 established under AS 37.14.550, 50 percent of annual contributions of not more than 23 $300,000. 24 * Sec. 8. AS 43.55.019(d) is amended to read: 25 (d) In each tax year, contributions [A CONTRIBUTION] claimed as a credit 26 under this section may not 27 (1) be claimed as a credit under another provision of this title; [AND] 28 (2) be allowed as a deduction against the tax imposed by this 29 chapter or as a deduction against another tax imposed by this title; and 30 (3) when combined with credits taken during the taxpayer's tax year 31 under AS 21.89.070, AS 43.20.014, AS 43.56.018, AS 43.65.018, AS 43.75.018, or
01 AS 43.77.045 02 (A) through December 31, 2002, exceed $300,000; and 03 (B) after December 31, 2002, exceed $150,000. 04 * Sec. 9. AS 43.56.018(a) is amended to read: 05 (a) Subject to (d) of this section, the owner of property taxable under this 06 chapter is allowed as a credit against the tax due under this chapter the owner's 07 contributions as follows: 08 (1) for [FOR] cash contributions accepted for direct instruction, 09 research, and educational support purposes, including library and museum acquisitions, 10 and contributions to endowment, by an Alaska university foundation or by a nonprofit, 11 public or private, Alaska two-year or four-year college accredited by a regional 12 accreditation association, 13 (A) [THE OWNER OF PROPERTY TAXABLE UNDER THIS 14 CHAPTER IS ALLOWED AS A CREDIT AGAINST THE TAX DUE 15 UNDER THIS CHAPTER (1)] 50 percent of contributions of not more than 16 $100,000; and 17 (B) [(2)] 100 percent of the next $100,000 of contributions; and 18 (2) for cash contributions made after the effective date of this Act 19 and through December 31, 2002, to the Alaska public broadcasting trust fund 20 established under AS 37.14.550, 50 percent of annual contributions of not more 21 than $300,000. 22 * Sec. 10. AS 43.56.018(d) is amended to read: 23 (d) In each tax year, contributions [A CONTRIBUTION] claimed as a credit 24 under this section may not 25 (1) be claimed as a credit under another provision of this title; [AND] 26 (2) be allowed as a deduction against the tax imposed by this 27 chapter or as a deduction against another tax imposed by this title; and 28 (3) when combined with credits taken during the taxpayer's tax year 29 under AS 21.89.070, AS 43.20.014, AS 43.55.019, AS 43.65.018, AS 43.75.018, or 30 AS 43.77.045 31 (A) through December 31, 2002, exceed $300,000; and
01 (B) after December 31, 2002, exceed $150,000. 02 * Sec. 11. AS 43.65.018(a) is amended to read: 03 (a) Subject to (d) of this section, a person engaged in the business of mining 04 in the state is allowed as a credit against the tax due under this chapter the 05 contributions made by the person 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) [A PERSON ENGAGED IN THE BUSINESS OF MINING 12 IN THE STATE IS ALLOWED AS A CREDIT AGAINST THE TAX DUE 13 UNDER THIS CHAPTER (1)] 50 percent of contributions of not more than 14 $100,000; 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, 2002, 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. 12. AS 43.65.018(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 25 chapter 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 43.56.018, AS 43.75.018, or 28 AS 43.77.045 29 (A) through December 31, 2002, exceed $300,000; and 30 (B) after December 31, 2002, exceed $150,000. 31 * Sec. 13. AS 44.21.266 is amended to read:
01 Sec. 44.21.266. Duties of the commission. The commission shall 02 (1) have responsibility for administration of the Alaska public 03 broadcasting trust fund under AS 37.14.580, apply for federal and private funds for 04 public broadcasting purposes, [AND] receive all federal, state, or private funds, 05 property, or assistance that may be appropriated, granted, or otherwise made available 06 to the commission for public broadcasting purposes, and use and disburse funds and 07 property for purposes consistent with the terms of AS 44.21.256 - 44.21.290, subject 08 to reasonable limitations imposed by the grantor; 09 (2) provide consultative services in all aspects of public broadcasting 10 to all public or private agencies in the state that request them; 11 (3) serve as a library and clearinghouse for public broadcasting 12 information; 13 (4) through grants to qualified entities, develop an integrated public 14 broadcasting network for the state; 15 (5) through grants to qualified entities, develop and distribute public 16 broadcasting programming in the state; 17 (6) prepare and submit to the governor and the legislature, in 18 compliance with the state information systems plan adopted by the 19 Telecommunications Information Council in the Office of the Governor, a long-term 20 plan for the development of public broadcasting stations and systems in the state, and 21 biennially update the plan; and 22 (7) perform all other functions necessary to ensure the orderly and 23 coordinated development of public broadcasting in the state. 24 * Sec. 14. Sections 1 - 3 and 5 - 12 of this Act apply to tax years beginning after the 25 December 31 that precedes the effective date of this Act. 26 * Sec. 15. This Act takes effect January 1, 1998.