HB 224: "An Act relating to an optional municipal property tax exemption for an improvement to real property that is eligible for a federal tax credit for energy efficiency."
00 HOUSE BILL NO. 224 01 "An Act relating to an optional municipal property tax exemption for an improvement 02 to real property that is eligible for a federal tax credit for energy efficiency." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.45.050(b) is amended to read: 05 (b) A municipality may by ordinance 06 (1) classify and exempt from taxation 07 (A) the property of an organization not organized for business 08 or profit-making purposes and used exclusively for community purposes if the 09 income derived from rental of that property does not exceed the actual cost to 10 the owner of the use by the renter; 11 (B) historic sites, buildings, and monuments; 12 (C) land of a nonprofit organization used for agricultural 13 purposes if rights to subdivide the land are conveyed to the state and the 14 conveyance includes a covenant restricting use of the land to agricultural
01 purposes only; rights conveyed to the state under this subparagraph may be 02 conveyed by the state only in accordance with AS 38.05.069(c); 03 (D) all or any portion of private ownership interests in property 04 that, based upon a written agreement with the University of Alaska, is used 05 exclusively for student housing for the University of Alaska; property may be 06 exempted from taxation under this subparagraph for no longer than 30 years 07 unless the exemption is specifically extended by ordinance adopted within the 08 six months before the expiration of that period; 09 (2) classify as to type and exempt or partially exempt some or all types 10 of personal property from ad valorem taxes; 11 (3) partially or wholly exempt an improvement to real property 12 that, for the year for which the exemption is granted, is also eligible for a federal 13 tax credit for energy efficiency.