HB 272: "An Act relating to the tax assessment by a home rule or general law municipality of housing that qualifies for the low-income housing credit under the Internal Revenue Code; and providing for an effective date."
00HOUSE BILL NO. 272 01 "An Act relating to the tax assessment by a home rule or general law 02 municipality of housing that qualifies for the low-income housing credit under the 03 Internal Revenue Code; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.45.110 is amended by adding a new subsection to read: 06 (d) When determining the full and true value of property that qualifies for a 07 low-income housing credit under 26 U.S.C. 42, the assessment of the value of the 08 property must be based on the actual income derived from the property and may not 09 be adjusted based on the amount of any federal income tax credit given for the 10 property. To secure an assessment under this subsection, an owner of property that 11 qualifies for the low-income housing credit shall apply to the assessor before May 15 12 of each year in which the assessment is desired. The property owner shall submit the 13 application on forms prescribed by the assessor and shall include information that may 14 reasonably be required to determine the entitlement of the applicant.