txt

SB 267: "An Act establishing the Alaska veterans' memorial endowment fund and providing for credits against certain taxes for contributions to that fund; relating to other tax credits for certain contributions; and providing for an effective date."

00                              SENATE BILL NO. 267                                                                        
01 "An Act establishing the Alaska veterans' memorial endowment fund and providing for                                     
02 credits against certain taxes for contributions to that fund; relating to other tax credits                             
03 for certain contributions; and providing for an effective date."                                                        
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 21.89.070(c) is amended to read:                                                                  
06            (c)  A contribution claimed as a credit under this section may not                                           
07                 (1)  be claimed as a credit under more than one provision of this title;                                
08       and                                                                                                               
09                 (2)  when combined with credits taken during the taxpayer's tax year                                    
10       under AS 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021,                      
11       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR]                       
12       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                  
13    * Sec. 2.  AS 21.89 is amended by adding a new section to read:                                                    
14            Sec. 21.89.071.  Insurance tax credit for gifts to Alaska veterans' memorial                               
01       endowment fund.  (a)  A taxpayer is allowed a credit against the tax due under                                
02       AS 21.09.210 or AS 21.66.110 for cash contributions that are accepted for the Alaska                              
03       veterans' memorial endowment fund established in AS 37.14.700  The amount of the                                  
04       credit is the lesser of                                                                                           
05                 (1)  an amount equal to                                                                                 
06                      (A)  50 percent of contributions of not more than $100,000; and                                    
07                      (B)  100 percent of the next $100,000 of contributions; or                                         
08                 (2)  50 percent of the taxpayer's tax liability under this title.                                       
09            (b)  A contribution claimed as a credit under this section may not                                           
10                 (1)  be claimed as a credit under more than one provision of this title;                                
11       and                                                                                                               
12                 (2)  when combined with credits taken during the taxpayer's tax year                                    
13       under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021,                                  
14       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019,                                        
15       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
16            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
17       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
18       this title or AS 43.  For purposes of this subsection, a taxpayer is not in arrears if the                        
19       payment is under administrative or judicial appeal.                                                               
20    * Sec. 3.  AS 21.89.075(c) is amended to read:                                                                     
21            (c)  A contribution claimed by a taxpayer as a credit under this section may not                             
22                 (1)  be claimed as a credit under more than one provision of this title;                                
23                 (2)  when combined with credits taken during the taxpayer's tax year                                    
24       under AS 21.89.070, 21.89.071, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021,                      
25       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR]                       
26       AS 43.77.045, or 43.77.046, exceed $150,000; or                                                               
27                 (3)  be claimed as a credit unless the contribution qualifies for the credit                            
28       under (d) of this section.                                                                                        
29    * Sec. 4.  AS 37.14 is amended by adding new sections to read:                                                     
30            Article 8.  Alaska Veterans' Memorial Endowment Fund.                                                      
31            Sec. 37.14.700.  Alaska veterans' memorial endowment fund established.                                     
01       (a)  The Alaska veterans' memorial endowment fund is established as a separate                                    
02       endowment trust fund of the state.  The fund consists of                                                          
03                 (1)  appropriations to the fund;                                                                        
04                 (2)  donations to the fund; and                                                                         
05                 (3)  income earned on investments of fund assets.                                                       
06            (b)  The commissioner of revenue shall manage the fund as an endowment,                                      
07       with the goal that the purchasing power of the fund will not diminish over time                                   
08       without regard to additional contributions that may be made to the fund.  The                                     
09       commissioner shall invest the assets of the fund in a manner likely to yield at least a                           
10       five percent real rate of return over time.                                                                       
11            (c)  Nothing in this section creates a dedicated fund.                                                       
12            Sec. 37.14.720.  Powers and duties of the commissioner of revenue.  In                                     
13       carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner                               
14       of revenue has the powers and duties set out in AS 37.10.071.  The commissioner shall                             
15       provide reports to the adjutant general of the Department of Military and Veterans'                               
16       Affairs on the condition and investment performance of the fund.                                                  
17            Sec. 37.14.730.  Use of fund.  (a)  As soon as practicable after July 1 of each                            
18       year, the commissioner of revenue shall determine the average month-end market                                    
19       value of the fund for the immediately preceding three fiscal years.  The commissioner                             
20       shall identify five percent of that amount as available for appropriation by the                                  
21       legislature for uses described in (b) of this section.                                                            
22            (b)  Appropriations of the amount identified in (a) of this section may be used                              
23       for the following purposes:                                                                                       
24                 (1)  grants for the maintenance, repair, replacement, and enhancement                                   
25       of, or addition to, veterans' memorials or monuments to the military;                                             
26                 (2)  grants for the development and construction of new veterans'                                       
27       memorials or monuments to the military, if the adjutant general determines that the                               
28       purposes set out in (1) of this subsection have been met in a fiscal year;                                        
29                 (3)  reimbursement of the costs of establishment, management, and                                       
30       administration of the fund.                                                                                       
31            (c)  After consultation with appropriate veterans' organizations, the adjutant                               
01       general of the Department of Military and Veterans' Affairs shall administer the grant                            
02       program and award grants from the money appropriated from the fund.  The adjutant                                 
03       general may adopt regulations under AS 44.62 (Administrative Procedure Act) to                                    
04       establish procedures and standards to administer the grant program and for the award                              
05       of grants.  The standards may include requirements for recipients to match grant                                  
06       awards, if appropriate.                                                                                           
07            Sec. 37.14.740.  Definition.  In AS 37.14.700 - 37.14.740, "fund" means the                                
08       Alaska veterans' memorial endowment fund established in AS 37.14.700.                                             
09    * Sec. 5.  AS 43.20.014(d) is amended to read:                                                                     
10            (d)  A contribution claimed as a credit under this section may not                                           
11                 (1)  be claimed as a credit under another provision of this title;                                      
12                 (2)  also be allowed as a deduction under 26 U.S.C. 170 against the tax                                 
13       imposed by this chapter; and                                                                                      
14                 (3)  when combined with credits taken during the taxpayer's tax year                                    
15       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.018, AS 43.55.019, 43.55.021,                      
16       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR]                       
17       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                  
18    * Sec. 6.  AS 43.20 is amended by adding a new section to read:                                                    
19            Sec. 43.20.018.  Alaska veterans' memorial endowment fund contribution                                     
20       credit.  (a)  For cash contributions accepted for the Alaska veterans' memorial                                 
21       endowment fund established in AS 37.14.700, a taxpayer is allowed as a credit against                             
22       the tax due under this chapter                                                                                    
23                 (1)  50 percent of contributions of not more than $100,000; and                                         
24                 (2)  100 percent of the next $100,000 of contributions.                                                 
25            (b)  A contribution claimed as a credit under this section may not                                           
26                 (1)  be claimed as a credit under another provision of this title;                                      
27                 (2)  also be allowed as a deduction under 26 U.S.C. 170 against the tax                                 
28       imposed by this chapter; and                                                                                      
29                 (3)  when combined with credits taken during the taxpayer's tax year                                    
30       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, AS 43.55.019, 43.55.021,                                  
31       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019,                                        
01       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
02            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
03       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
04       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
05       payment is under administrative or judicial appeal.                                                               
06    * Sec. 7.  AS 43.55.019(d) is amended to read:                                                                     
07            (d)  A contribution claimed as a credit under this section may not                                           
08                 (1)  be claimed as a credit under another provision of this title; and                                  
09                 (2)  when combined with credits taken during the taxpayer's tax year                                    
10       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.021,                          
11       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR]                       
12       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                  
13    * Sec. 8.  AS 43.55 is amended by adding a new section to read:                                                    
14            Sec. 43.55.021.  Alaska veterans' memorial endowment fund contribution                                     
15       credit.  (a)  For cash contributions accepted for the Alaska veterans' memorial                                 
16       endowment fund established in AS 37.14.700, a producer of oil or gas is allowed as a                              
17       credit against the tax due under this chapter                                                                     
18                 (1)  50 percent of contributions of not more than $100,000; and                                         
19                 (2)  100 percent of the next $100,000 of contributions.                                                 
20            (b)  A contribution claimed as a credit under this section may not                                           
21                 (1)  be claimed as a credit under another provision of this title; and                                  
22                 (2)  when combined with credits taken during the taxpayer's tax year                                    
23       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                                  
24       AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019,                                        
25       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
26            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
27       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
28       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
29       payment is under administrative or judicial appeal.                                                               
30            (d)  The department may, by regulation, establish procedures by which a                                      
31       taxpayer may allocate a pro rata share of a credit claimed under this section against                             
01       monthly tax payments made during the tax year.                                                                    
02    * Sec. 9.  AS 43.56.018(d) is amended to read:                                                                     
03            (d)  A contribution claimed as a credit under this section may not                                           
04                 (1)  be claimed as a credit under another provision of this title; and                                  
05                 (2)  when combined with credits taken during the taxpayer's tax year                                    
06       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                          
07       43.55.021, AS 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR]                       
08       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                  
09    * Sec. 10.  AS 43.56 is amended by adding a new section to read:                                                   
10            Sec. 43.56.019.  Alaska veterans' memorial endowment fund contribution                                     
11       credit.  (a)  For cash contributions accepted for the Alaska veterans' memorial                                 
12       endowment fund established in AS 37.14.700, the owner of property taxable under this                              
13       chapter is allowed as a credit against the tax due under this chapter                                             
14                 (1)  50 percent of contributions of not more than $100,000; and                                         
15                 (2)  100 percent of the next $100,000 of contributions.                                                 
16            (b)  A contribution claimed as a credit under this section may not                                           
17                 (1)  be claimed as a credit under another provision of this title; and                                  
18                 (2)  when combined with credits taken during the taxpayer's tax year                                    
19       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                                  
20       43.55.021, AS 43.56.018, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019,                                        
21       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
22            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
23       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
24       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
25       payment is under administrative or judicial appeal.                                                               
26            (d)  The department may, by regulation, establish procedures by which a                                      
27       taxpayer may allocate a pro rata share of a credit claimed under this section against                             
28       monthly tax payments made during the tax year.                                                                    
29    * Sec. 11.  AS 43.65.018(d) is amended to read:                                                                    
30            (d)  A contribution claimed as a credit under this section may not                                           
31                 (1)  be claimed as a credit under another provision of this title; and                                  
01                 (2)  when combined with credits taken during the taxpayer's tax year                                    
02       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                          
03       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.019 [AS 43.65.018], AS 43.75.018,                                
04       43.75.019, [OR] AS 43.77.045, or 43.77.046, exceed $150,000.                                              
05    * Sec. 12.  AS 43.65 is amended by adding a new section to read:                                                   
06            Sec. 43.65.019.  Alaska veterans' memorial endowment fund contribution                                     
07       credit.  (a)  For cash contributions accepted for the Alaska veterans' memorial                                 
08       endowment fund established in AS 37.14.700, a person engaged in the business of                                   
09       mining in the state is allowed as a credit against the tax due under this chapter                                 
10                 (1)  50 percent of contributions of not more than $100,000; and                                         
11                 (2)  100 percent of the next $100,000 of contributions.                                                 
12            (b)  A contribution claimed as a credit under this section may not                                           
13                 (1)  be claimed as a credit under another provision of this title; and                                  
14                 (2)  when combined with credits taken during the taxpayer's tax year                                    
15       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                                  
16       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, AS 43.75.018, 43.75.019,                                        
17       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
18            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
19       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
20       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
21       payment is under administrative or judicial appeal.                                                               
22    * Sec. 13.  AS 43.75.018(d) is amended to read:                                                                    
23            (d)  A contribution claimed as a credit under this section may not                                           
24                 (1)  be claimed as a credit under another provision of this title; and                                  
25                 (2)  when combined with credits taken during the taxpayer's tax year                                    
26       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                          
27       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.019,                                
28       [AS 43.75.018, OR] AS 43.77.045, or 43.77.046, exceed $150,000.                                               
29    * Sec. 14.  AS 43.75 is amended by adding a new section to read:                                                   
30            Sec. 43.75.019.  Alaska veterans' memorial endowment fund contribution                                     
31       credit.  (a)  For cash contributions accepted for the Alaska veterans' memorial                                 
01       endowment fund established in AS 37.14.700, a person engaged in a fisheries business                              
02       is allowed as a credit against the tax due under this chapter                                                     
03                 (1)  50 percent of contributions of not more than $100,000; and                                         
04                 (2)  100 percent of the next $100,000 of contributions.                                                 
05            (b)  A contribution claimed as a credit under this section may not                                           
06                 (1)  be claimed as a credit under another provision of this title; and                                  
07                 (2)  when combined with credits taken during the taxpayer's tax year                                    
08       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                                  
09       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018,                                        
10       AS 43.77.045, or 43.77.046, exceed $150,000.                                                                      
11            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
12       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
13       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
14       payment is under administrative or judicial appeal.                                                               
15    * Sec. 15.  AS 43.77.045(c) is amended to read:                                                                    
16            (c)  A contribution claimed as a credit under this section may not                                           
17                 (1)  be claimed as a credit under another provision of this title; and                                  
18                 (2)  when combined with credits taken during the taxpayer's tax year                                    
19       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                          
20       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, [OR] AS 43.75.018,                       
21       43.75.019, or AS 43.77.046, exceed $150,000.                                                                  
22    * Sec. 16.  AS 43.77 is amended by adding a new section to read:                                                   
23            Sec. 43.77.046.  Alaska veterans' memorial endowment fund contribution                                     
24       credit.  (a)  In addition to the credit allowed under AS 43.77.040, for cash                                    
25       contributions accepted for the Alaska veterans' memorial endowment fund established                               
26       in AS 37.14.700, a person engaged in a  floating fisheries business is allowed as a                               
27       credit against the tax due under this chapter                                                                     
28                 (1)  50 percent of contributions of not more than $100,000; and                                         
29                 (2)  100 percent of the next $100,000 of contributions.                                                 
30            (b)  A contribution claimed as a credit under this section may not                                           
31                 (1)  be claimed as a credit under another provision of this title; and                                  
01                 (2)  when combined with credits taken during the taxpayer's tax year                                    
02       under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019,                                  
03       43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018,                                        
04       43.75.019, or AS 43.77.045, exceed $150,000.                                                                      
05            (c)  A taxpayer may not claim the tax credit allowed under this section if the                               
06       taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under                              
07       this title or AS 21.  For purposes of this subsection, a taxpayer is not in arrears if the                        
08       payment is under administrative or judicial appeal.                                                               
09    * Sec. 17.  The uncodified law of the State of Alaska is amended by adding a new section to                        
10 read:                                                                                                                   
11       TRANSITION:  AMOUNT AVAILABLE FOR APPROPRIATION.  (a)                                                             
12 Notwithstanding AS 37.14.730(a), enacted by sec. 4 of this Act, the commissioner of revenue                             
13 shall identify five percent of the balance of the Alaska veterans' memorial endowment fund on                           
14 July 1, 2002, as being the amount available for appropriation to support efforts authorized by                          
15 this Act for fiscal year 2003.                                                                                          
16       (b)  Notwithstanding the requirement in AS 37.14.730(a), enacted by sec. 4 of this                                
17 Act, that the commissioner of revenue make a determination based on the market value of the                             
18 fund for the immediately preceding three fiscal years, the commissioner of revenue shall                                
19 make the determination under AS 37.14.730(a) based on the average ending balance in the                                 
20 fund                                                                                                                    
21            (1)  from July 31, 2002, to June 30, 2003, for fiscal year 2004;                                             
22            (2)  from July 31, 2002 to June 30, 2004, for fiscal year 2005;                                              
23            (3)  from July 31, 2002 to June 30, 2005, for fiscal year 2006.                                              
24       (c)  In this section,                                                                                             
25            (1)  "Alaska veterans' memorial endowment fund" means the fund established                                   
26 in AS 37.14.700, enacted by sec. 4 of this Act;                                                                         
27            (2)  "fund" means the Alaska veterans' memorial endowment fund.                                              
28    * Sec. 18.  This Act takes effect immediately under AS 01.10.070(c).