00                            SENATE BILL NO. 86                                                                          
01 "An Act relating to the rate of interest on delinquent taxes."                                                          
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 43.05.225 is amended to read:                                                                     
04            Sec. 43.05.225.  Interest.  Unless otherwise provided,                                                     
05                 (1)  when a tax levied in this title becomes delinquent, it bears interest                              
06       in a calendar quarter at the rate of five percentage points above the annual rate charged                         
07       member banks for advances by the 12th Federal Reserve District as of the first day of                             
08       that calendar quarter, [OR AT THE ANNUAL RATE OF 11 PERCENT,                                                      
09       WHICHEVER IS GREATER,] compounded quarterly as of the last day of that                                            
10       quarter;                                                                                                          
11                 (2)  the interest rate is 12 percent a year for                                                         
12                      (A)  delinquent fees payable under AS 05.15.095(c); and                                        
13                      (B)  [REPEALED                                                                                     
14                      (C)]  unclaimed property that is not timely paid or delivered, as                                  
15            allowed by AS 34.45.470(a).