CSHB 48(FIN): "An Act amending the powers of the board of trustees of the Alaska Retirement Management Board to authorize purchase and sale of transferable tax credit certificates issued in conjunction with the production tax on oil and gas; relating to transferable tax credit certificates issued under the oil and gas production tax; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 48(FIN) 01 "An Act amending the powers of the board of trustees of the Alaska Retirement 02 Management Board to authorize purchase and sale of transferable tax credit certificates 03 issued in conjunction with the production tax on oil and gas; relating to transferable tax 04 credit certificates issued under the oil and gas production tax; and providing for an 05 effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 37.10.220(b) is amended to read: 08 (b) The board may 09 (1) employ outside investment advisors to review investment policies; 10 (2) enter into an agreement with the fiduciary of another state fund in 11 order to assume the management and investment of those assets; 12 (3) contract for other services necessary to execute the board's powers 13 and duties;
01 (4) enter into confidentiality agreements that would exempt records 02 from AS 40.25.110 and 40.25.120 if the records contain information that could affect 03 the value of investment by the board or that could impair the ability of the board to 04 acquire, maintain, or dispose of investments; 05 (5) purchase transferable tax credit certificates issued under 06 AS 43.55.023 and 43.55.025 for 92 percent of the face value of a certificate, and 07 sell transferable tax credit certificates to the Department of Revenue under 08 AS 43.55.023(l) and 43.55.025(l) for a cash refund of the full face value of the 09 certificate; under this paragraph, the board 10 (A) may 11 (i) engage in the purchase and sale of transferable 12 tax credits notwithstanding AS 43.55.023(f) requiring written 13 application for a cash refund by the person to whom a transferable 14 tax credit certificate has been issued under AS 43.55.023(d) before 15 the department issues the cash refund for a certificate; and 16 (ii) sell a transferable tax credit certificate only if the 17 commissioner of revenue determines that economic conditions are 18 acceptable for the state to purchase and pay for the credit; and 19 (B) shall apply the proceeds from a sale made under this 20 paragraph to defray the unfunded pension liabilities of the systems for 21 which the board has responsibility. 22 * Sec. 2. AS 43.55.023 is amended by adding a new subsection to read: 23 (l) Notwithstanding the limitation on the use of a transferable tax credit by a 24 transferee in (e) of this section and subject to appropriations made by law, the 25 department shall issue a cash refund to the Alaska Retirement Management Board for 26 a transferable tax credit originally issued to a person under (d) of this section and 27 purchased by the Alaska Retirement Management Board under AS 37.10.220(b). 28 * Sec. 3. AS 43.55.025 is amended by adding a new subsection to read: 29 (l) Subject to appropriations made by law, the department shall issue a cash 30 refund to the Alaska Retirement Management Board for a transferable tax credit 31 originally issued to an explorer under (f) of this section and purchased by the Alaska
01 Retirement Management Board under AS 37.10.220(b). 02 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).