HCS CSSB 267(FIN): "An Act establishing the Alaska veterans' memorial endowment fund and providing for credits against certain taxes for contributions to that fund; providing that the amount of each tax credit for contributions to the Alaska veterans' memorial endowment fund on amounts that do not exceed $100,000 is 50 percent and on amounts that exceed $100,000 but do not exceed $200,000 is 75 percent; relating to other tax credits for certain contributions; and providing for an effective date."
00 HOUSE CS FOR CS FOR SENATE BILL NO. 267(FIN) 01 "An Act establishing the Alaska veterans' memorial endowment fund and providing for 02 credits against certain taxes for contributions to that fund; providing that the amount of 03 each tax credit for contributions to the Alaska veterans' memorial endowment fund on 04 amounts that do not exceed $100,000 is 50 percent and on amounts that exceed $100,000 05 but do not exceed $200,000 is 75 percent; relating to other tax credits for certain 06 contributions; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 21.89.070(c) is amended to read: 09 (c) 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 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021,
01 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 02 AS 43.77.045, or 43.77.046, exceed $150,000. 03 * Sec. 2. AS 21.89.070(c) is amended to read: 04 (c) A contribution claimed as a credit under this section may not 05 (1) be claimed as a credit under more than one provision of this title; 06 and 07 (2) when combined with credits taken during the taxpayer's tax year 08 under AS 21.89.075 [AS 21.89.071, 21.89.075], AS 43.20.014, [43.20.018,] 09 AS 43.55.019, [43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019,] 10 AS 43.75.018, [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 11 * Sec. 3. AS 21.89 is amended by adding a new section to read: 12 Sec. 21.89.071. Insurance tax credit for gifts to Alaska veterans' memorial 13 endowment fund. (a) A taxpayer is allowed a credit against the tax due under 14 AS 21.09.210 or AS 21.66.110 for cash contributions that are accepted for the Alaska 15 veterans' memorial endowment fund established in AS 37.14.700. The amount of the 16 credit is the lesser of 17 (1) an amount equal to 18 (A) 50 percent of contributions of not more than $100,000; and 19 (B) 75 percent of the next $100,000 of contributions; or 20 (2) 50 percent of the taxpayer's tax liability under this title. 21 (b) A contribution claimed as a credit under this section may not 22 (1) be claimed as a credit under more than one provision of this title; 23 and 24 (2) when combined with credits taken during the taxpayer's tax year 25 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 26 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 27 AS 43.77.045, or 43.77.046, exceed $150,000. 28 (c) A taxpayer may not claim the tax credit allowed under this section if the 29 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 30 this title or AS 43. For purposes of this subsection, a taxpayer is not in arrears if the 31 payment is under administrative or judicial appeal.
01 * Sec. 4. AS 21.89.075(c) is amended to read: 02 (c) A contribution claimed by a taxpayer as a credit under this section may not 03 (1) be claimed as a credit under more than one provision of this title; 04 (2) when combined with credits taken during the taxpayer's tax year 05 under AS 21.89.070, 21.89.071, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 06 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 07 AS 43.77.045, or 43.77.046, exceed $150,000; or 08 (3) be claimed as a credit unless the contribution qualifies for the credit 09 under (d) of this section. 10 * Sec. 5. AS 21.89.075(c) is amended to read: 11 (c) A contribution claimed by a taxpayer as a credit under this section may not 12 (1) be claimed as a credit under more than one provision of this title; 13 (2) when combined with credits taken during the taxpayer's tax year 14 under AS 21.89.070, [21.89.071,] AS 43.20.014, [43.20.018,] AS 43.55.019, 15 [43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019,] AS 43.75.018, 16 [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000; or 17 (3) be claimed as a credit unless the contribution qualifies for the credit 18 under (d) of this section. 19 * Sec. 6. AS 37.14 is amended by adding new sections to read: 20 Article 8. Alaska Veterans' Memorial Endowment Fund. 21 Sec. 37.14.700. Alaska veterans' memorial endowment fund established. 22 (a) The Alaska veterans' memorial endowment fund is established as a separate 23 endowment trust fund of the state. The fund consists of 24 (1) appropriations to the fund; 25 (2) donations to the fund; and 26 (3) income earned on investments of fund assets. 27 (b) The commissioner of revenue shall manage the fund as an endowment, 28 with the goal that the purchasing power of the fund will not diminish over time 29 without regard to additional contributions that may be made to the fund. The 30 commissioner shall invest the assets of the fund in a manner likely to yield at least a 31 five percent real rate of return over time.
01 (c) Nothing in this section creates a dedicated fund. 02 Sec. 37.14.720. Powers and duties of the commissioner of revenue. In 03 carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner 04 of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall 05 provide reports to the adjutant general of the Department of Military and Veterans' 06 Affairs on the condition and investment performance of the fund. 07 Sec. 37.14.730. Use of fund. (a) As soon as practicable after July 1 of each 08 year, the commissioner of revenue shall determine the average month-end market 09 value of the fund for the immediately preceding three fiscal years. The commissioner 10 shall identify five percent of that amount as available for appropriation by the 11 legislature for uses described in (b) of this section. 12 (b) Appropriations of the amount identified in (a) of this section may be used 13 for the following purposes: 14 (1) grants for the maintenance, repair, replacement, and enhancement 15 of, or addition to, veterans' memorials or monuments to the military; 16 (2) grants for the development and construction of new veterans' 17 memorials or monuments to the military if the adjutant general determines that the 18 purposes set out in (1) of this subsection have been met in a fiscal year; 19 (3) reimbursement of the costs of establishment, management, and 20 administration of the fund. 21 (c) After consultation with appropriate veterans' organizations, the adjutant 22 general of the Department of Military and Veterans' Affairs shall administer the grant 23 program and award grants from the money appropriated from the fund. The adjutant 24 general may adopt regulations under AS 44.62 (Administrative Procedure Act) to 25 establish procedures and standards to administer the grant program and for the award 26 of grants. The standards may include requirements for recipients to match grant 27 awards, if appropriate. 28 Sec. 37.14.740. Definition. In AS 37.14.700 - 37.14.740, "fund" means the 29 Alaska veterans' memorial endowment fund established in AS 37.14.700. 30 * Sec. 7. AS 43.20.014(d) is amended to read: 31 (d) A contribution claimed as a credit under this section may not
01 (1) be claimed as a credit under another provision of this title; 02 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 03 imposed by this chapter; and 04 (3) when combined with credits taken during the taxpayer's tax year 05 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.018, AS 43.55.019, 43.55.021, 06 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 07 AS 43.77.045, or 43.77.046, exceed $150,000. 08 * Sec. 8. AS 43.20.014(d) is amended to read: 09 (d) A contribution claimed as a credit under this section may not 10 (1) be claimed as a credit under another provision of this title; 11 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 12 imposed by this chapter; and 13 (3) when combined with credits taken during the taxpayer's tax year 14 under AS 21.89.070, [21.89.071,] 21.89.075, [AS 43.20.018,] AS 43.55.019, 15 [43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019,] AS 43.75.018, 16 [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 17 * Sec. 9. AS 43.20 is amended by adding a new section to read: 18 Sec. 43.20.018. Alaska veterans' memorial endowment fund contribution 19 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 20 endowment fund established in AS 37.14.700, a taxpayer is allowed as a credit against 21 the tax due under this chapter 22 (1) 50 percent of contributions of not more than $100,000; and 23 (2) 75 percent of the next $100,000 of contributions. 24 (b) A contribution claimed as a credit under this section may not 25 (1) be claimed as a credit under another provision of this title; 26 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 27 imposed by this chapter; and 28 (3) when combined with credits taken during the taxpayer's tax year 29 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, AS 43.55.019, 43.55.021, 30 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 31 AS 43.77.045, or 43.77.046, exceed $150,000.
01 (c) A taxpayer may not claim the tax credit allowed under this section if the 02 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 03 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 04 payment is under administrative or judicial appeal. 05 * Sec. 10. AS 43.55.019(d) is amended to read: 06 (d) A contribution claimed as a credit under this section may not 07 (1) be claimed as a credit under another provision of this title; and 08 (2) when combined with credits taken during the taxpayer's tax year 09 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.021, 10 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 11 AS 43.77.045, or 43.77.046, exceed $150,000. 12 * Sec. 11. AS 43.55.019(d) is amended to read: 13 (d) A contribution claimed as a credit under this section may not 14 (1) be claimed as a credit under another provision of this title; and 15 (2) when combined with credits taken during the taxpayer's tax year 16 under AS 21.89.070, [21.89.071,] 21.89.075, AS 43.20.014, [43.20.018, 17 AS 43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019,] AS 43.75.018, 18 [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 19 * Sec. 12. AS 43.55 is amended by adding a new section to read: 20 Sec. 43.55.021. Alaska veterans' memorial endowment fund contribution 21 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 22 endowment fund established in AS 37.14.700, a producer of oil or gas is allowed as a 23 credit against the tax due under this chapter 24 (1) 50 percent of contributions of not more than $100,000; and 25 (2) 75 percent of the next $100,000 of contributions. 26 (b) A contribution claimed as a credit under this section may not 27 (1) be claimed as a credit under another provision of this title; and 28 (2) when combined with credits taken during the taxpayer's tax year 29 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 30 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 31 AS 43.77.045, or 43.77.046, exceed $150,000.
01 (c) A taxpayer may not claim the tax credit allowed under this section if the 02 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 03 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 04 payment is under administrative or judicial appeal. 05 (d) The department may, by regulation, establish procedures by which a 06 taxpayer may allocate a pro rata share of a credit claimed under this section against 07 monthly tax payments made during the tax year. 08 * Sec. 13. AS 43.56.018(d) is amended to read: 09 (d) A contribution claimed as a credit under this section may not 10 (1) be claimed as a credit under another provision of this title; and 11 (2) when combined with credits taken during the taxpayer's tax year 12 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 13 43.55.021, AS 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 14 AS 43.77.045, or 43.77.046, exceed $150,000. 15 * Sec. 14. AS 43.56.018(d) is amended to read: 16 (d) 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,] 20 AS 43.55.019, [43.55.021, AS 43.56.019,] AS 43.65.018, [43.65.019,] AS 43.75.018, 21 [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 22 * Sec. 15. AS 43.56 is amended by adding a new section to read: 23 Sec. 43.56.019. Alaska veterans' memorial endowment fund contribution 24 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 25 endowment fund established in AS 37.14.700, the owner of property taxable under this 26 chapter is allowed as a credit against the tax due under this chapter 27 (1) 50 percent of contributions of not more than $100,000; and 28 (2) 75 percent of the next $100,000 of contributions. 29 (b) A contribution claimed as a credit under this section may not 30 (1) be claimed as a credit under another provision of this title; and 31 (2) when combined with credits taken during the taxpayer's tax year
01 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 02 43.55.021, AS 43.56.018, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 03 AS 43.77.045, or 43.77.046, exceed $150,000. 04 (c) A taxpayer may not claim the tax credit allowed under this section if the 05 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 06 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 07 payment is under administrative or judicial appeal. 08 (d) The department may, by regulation, establish procedures by which a 09 taxpayer may allocate a pro rata share of a credit claimed under this section against 10 monthly tax payments made during the tax year. 11 * Sec. 16. AS 43.65.018(d) is amended to read: 12 (d) 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, 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. 17. AS 43.65.018(d) is amended to read: 19 (d) A contribution claimed as a credit under this section may not 20 (1) be claimed as a credit under another provision of this title; and 21 (2) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, [21.89.071,] 21.89.075, AS 43.20.014, [43.20.018,] 23 AS 43.55.019, [43.55.021,] AS 43.56.018, [43.56.019, 43.65.019,] AS 43.75.018, 24 [43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 25 * Sec. 18. AS 43.65 is amended by adding a new section to read: 26 Sec. 43.65.019. Alaska veterans' memorial endowment fund contribution 27 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 28 endowment fund established in AS 37.14.700, a person engaged in the business of 29 mining in the state is allowed as a credit against the tax due under this chapter 30 (1) 50 percent of contributions of not more than $100,000; and 31 (2) 75 percent of the next $100,000 of contributions.
01 (b) A contribution claimed as a credit under this section may not 02 (1) be claimed as a credit under another provision of this title; and 03 (2) when combined with credits taken during the taxpayer's tax year 04 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 05 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, AS 43.75.018, 43.75.019, 06 AS 43.77.045, or 43.77.046, exceed $150,000. 07 (c) A taxpayer may not claim the tax credit allowed under this section if the 08 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 09 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 10 payment is under administrative or judicial appeal. 11 * Sec. 19. AS 43.75.018(d) is amended to read: 12 (d) 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, 43.65.019, AS 43.75.019, [OR] 17 AS 43.77.045, or 43.77.046, exceed $150,000. 18 * Sec. 20. AS 43.75.018(d) is amended to read: 19 (d) A contribution claimed as a credit under this section may not 20 (1) be claimed as a credit under another provision of this title; and 21 (2) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, [21.89.071,] 21.89.075, AS 43.20.014, [43.20.018,] 23 AS 43.55.019, [43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019, 24 AS 43.75.019,] or AS 43.77.045, [OR 43.77.046,] exceed $150,000. 25 * Sec. 21. AS 43.75 is amended by adding a new section to read: 26 Sec. 43.75.019. Alaska veterans' memorial endowment fund contribution 27 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 28 endowment fund established in AS 37.14.700, a person engaged in a fisheries business 29 is allowed as a credit against the tax due under this chapter 30 (1) 50 percent of contributions of not more than $100,000; and 31 (2) 75 percent of the next $100,000 of contributions.
01 (b) A contribution claimed as a credit under this section may not 02 (1) be claimed as a credit under another provision of this title; and 03 (2) when combined with credits taken during the taxpayer's tax year 04 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 05 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 06 AS 43.77.045, or 43.77.046, exceed $150,000. 07 (c) A taxpayer may not claim the tax credit allowed under this section if the 08 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 09 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 10 payment is under administrative or judicial appeal. 11 * Sec. 22. AS 43.77.045(c) is amended to read: 12 (c) 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, 43.65.019, [OR] AS 43.75.018, 17 43.75.019, or AS 43.77.046, exceed $150,000. 18 * Sec. 23. AS 43.77.045(c) is amended to read: 19 (c) A contribution claimed as a credit under this section may not 20 (1) be claimed as a credit under another provision of this title; and 21 (2) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, [21.89.071,] 21.89.075, AS 43.20.014, [43.20.018,] 23 AS 43.55.019, [43.55.021,] AS 43.56.018, [43.56.019,] AS 43.65.018, [43.65.019,] or 24 AS 43.75.018, [43.75.019, OR AS 43.77.046,] exceed $150,000. 25 * Sec. 24. AS 43.77 is amended by adding a new section to read: 26 Sec. 43.77.046. Alaska veterans' memorial endowment fund contribution 27 credit. (a) In addition to the credit allowed under AS 43.77.040, for cash 28 contributions accepted for the Alaska veterans' memorial endowment fund established 29 in AS 37.14.700, a person engaged in a floating fisheries business is allowed as a 30 credit against the tax due under this chapter 31 (1) 50 percent of contributions of not more than $100,000; and
01 (2) 75 percent of the next $100,000 of contributions. 02 (b) A contribution claimed as a credit under this section may not 03 (1) be claimed as a credit under another provision of this title; and 04 (2) when combined with credits taken during the taxpayer's tax year 05 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 06 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 07 43.75.019, or AS 43.77.045, exceed $150,000. 08 (c) A taxpayer may not claim the tax credit allowed under this section if the 09 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under this title 10 or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the payment is under 11 administrative or judicial appeal. 12 * Sec. 25. AS 21.89.071; AS 43.20.018; AS 43.55.021; AS 43.56.019; AS 43.65.019; 13 AS 43.75.019; and AS 43.77.046 are repealed. 14 * Sec. 26. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 TRANSITION: AMOUNT AVAILABLE FOR APPROPRIATION. (a) 17 Notwithstanding AS 37.14.730(a), enacted by sec. 6 of this Act, the commissioner of revenue 18 shall identify five percent of the balance of the Alaska veterans' memorial endowment fund on 19 July 1, 2002, as being the amount available for appropriation to support efforts authorized by 20 this Act for fiscal year 2003. 21 (b) Notwithstanding the requirement in AS 37.14.730(a), enacted by sec. 6 of this 22 Act, that the commissioner of revenue make a determination based on the market value of the 23 fund for the immediately preceding three fiscal years, the commissioner of revenue shall 24 make the determination under AS 37.14.730(a) based on the average ending balance in the 25 fund 26 (1) from July 31, 2002, to June 30, 2003, for fiscal year 2004; 27 (2) from July 31, 2002, to June 30, 2004, for fiscal year 2005; 28 (3) from July 31, 2002, to June 30, 2005, for fiscal year 2006. 29 (c) In this section, 30 (1) "Alaska veterans' memorial endowment fund" means the fund established 31 in AS 37.14.700, enacted by sec. 6 of this Act;
01 (2) "fund" means the Alaska veterans' memorial endowment fund. 02 * Sec. 27. Sections 1, 3, 4, 6, 7, 9, 10, 12, 13, 15, 16, 18, 19, 21, 22, 24, and 26 of this Act 03 take effect immediately under AS 01.10.070(c). 04 * Sec. 28. Sections 2, 5, 8, 11, 14, 17, 20, 23, and 25 of this Act take effect July 1, 2003.