CSHB 229(EDC): "An Act relating to the Alaska higher education investment trust fund; and relating to the Alaska Student Loan Corporation."
00 CS FOR HOUSE BILL NO. 229(EDC) 01 "An Act relating to the Alaska higher education investment trust fund; and relating to 02 the Alaska Student Loan Corporation." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.42.200 is amended to read: 05 Sec. 14.42.200. General powers. In addition to other powers granted in this 06 chapter, the corporation may 07 (1) sue and be sued in its own name; 08 (2) adopt an official seal; 09 (3) adopt regulations under AS 44.62 (Administrative Procedure Act) 10 to carry out the purposes of this chapter; 11 (4) make and execute agreements, contracts, and other instruments 12 necessary or convenient in the exercise of the powers and functions of the corporation, 13 including contracts with a person or governmental entity; 14 (5) receive, take, hold, and administer, on behalf of the corporation and
01 for any of its purposes, any appropriation, gift, grant, bequest, devise, or donation of 02 real property or personal property; in this paragraph, "property" includes 03 (A) money; and 04 (B) life estates, leases, or other interests in property; 05 (6) borrow money as provided in this chapter to carry out its corporate 06 purposes and issue its obligations as evidence of the borrowing, if that obligation of 07 the corporation is not a debt of the state; 08 (7) include in a borrowing the amounts to pay financing charges, 09 interest on the obligations for a period not exceeding one year after the date on which 10 the corporation estimates funds will otherwise be available to pay the interest, 11 consultant, advisory, and legal fees, and other expenses necessary or incident to the 12 borrowing; 13 (8) invest or reinvest, subject to its contracts with noteholders and 14 bondholders, money held by the corporation as set out in AS 37.10.071; 15 (9) set and collect interest, fees, and charges in connection with 16 education loans or repayment obligations held by the corporation and its servicing 17 agents; in this paragraph, "charges" includes costs of financing by the corporation, 18 service charges, insurance premiums, and other costs incurred by the corporation in 19 carrying out its corporate purposes; 20 (10) gather information on postsecondary education financial resources 21 available to residents of this state and disseminate the information to reasonably assure 22 that qualified residents are aware of those financial resources; 23 (11) service education loans and repayment obligations held by the 24 corporation; 25 (12) finance, purchase, or participate in the financing or purchasing of 26 education loans; 27 (13) contract in advance for the financing, purchasing, or sale of 28 education loans; 29 (14) sell or participate in the sale, either public or private and on terms 30 authorized by the board, of education loans to the Student Loan Marketing Association 31 or to other purchasers;
01 (15) collect and pay reasonable fees and charges in connection with the 02 financing, purchase, sale, and servicing of education loans and repayment obligations; 03 (16) enter into agreements with the federal government, including 04 guaranty agreements and supplemental guaranty agreements as described in 20 U.S.C. 05 1001 - 1155, as amended, as necessary to provide for the receipt by the corporation of 06 administrative allowances and other benefits available under 20 U.S.C. 1001 - 1155, 07 as amended; 08 (17) administer federal money allotted to the state involving insured 09 education loans and related administrative costs and other matters; 10 (18) enter into agreements with the commission relating to education 11 loans and repayment obligations, the administration of the financial aid and loan 12 programs under AS 14.42.033, AS 14.43.091 - 14.43.849 [AS 14.43.091 - 14.43.750], 13 14.43.990, and AS 14.44, and the payment of and security for bonds of the 14 corporation; 15 (19) to the extent permitted under contracts with bondholders, consent 16 to the modification of the rate of interest, time of payment of an installment of 17 principal or interest, or other terms of an education loan or repayment obligation held 18 by the corporation; 19 (20) procure insurance against any loss in connection with the 20 operation of its programs; 21 (21) provide advisory services to borrowers and other participants in 22 the corporation's programs; 23 (22) enter into credit facility agreements and make pledges, covenants, 24 and agreements with respect to the repayment of borrowings under the credit facility 25 agreements; 26 (23) develop and implement education financing programs; in this 27 paragraph, "programs" includes 28 (A) programs listed in AS 14.42.030(b)(1); 29 (B) programs for the guaranteeing, servicing, originating, and 30 financing of education loans for borrowers located both inside and outside the 31 state; and
01 (C) federal financial aid programs made under federal law; and 02 (24) perform acts that may be necessary or appropriate to carry out 03 effectively the general objectives and purposes of the corporation under AS 14.42.100 04 - 14.42.990. 05 * Sec. 2. AS 14.42 is amended by adding a new section to read: 06 Sec. 14.42.203. Creation of subsidiary. (a) The corporation may create a 07 subsidiary corporation for the purpose of financing or facilitating the financing of 08 medical education under AS 14.42.033, the Alaska education grant program under 09 AS 14.43.400 - 14.43.420, and the Alaska performance scholarship program under 10 AS 14.43.810 - 14.43.849. A subsidiary corporation created under this section may be 11 incorporated under AS 10.20.146 - 10.20.166. The corporation may transfer assets of 12 the corporation to a subsidiary created under this section. 13 (b) Notwithstanding AS 14.42.300(a), a subsidiary created under this section 14 is subject to AS 37. 15 (c) Unless otherwise provided by the corporation, the debts, liabilities, and 16 obligations of a subsidiary corporation created under this section are not the debts, 17 liabilities, or obligations of the corporation. 18 * Sec. 3. AS 14.43.915(a) is amended to read: 19 (a) The Alaska education grant account is created as an account of [IN] the 20 Alaska Student Loan Corporation [GENERAL FUND]. Money may be 21 appropriated to the account from the Alaska higher education investment trust fund 22 under AS 37.14.750 and from other sources. The commission may use the money in 23 the account without further appropriation to pay grants awarded under 24 AS 14.43.400 - 14.43.420 and to pay the cost of administration of the Alaska 25 education grant program created under AS 14.43.400. 26 * Sec. 4. AS 14.43.915(b) is amended to read: 27 (b) The Alaska performance scholarship award account is created as an 28 account of [IN] the Alaska Student Loan Corporation [GENERAL FUND]. Money 29 may be appropriated to the account from the Alaska higher education investment trust 30 fund under AS 37.14.750 and from other sources. The commission may use the money 31 in the account without further appropriation to pay scholarships awarded to
01 students under AS 14.43.810 - 14.43.849. 02 * Sec. 5. AS 14.43.915(c) is amended to read: 03 (c) Of the total amount available annually to the commission for payment of 04 grants under AS 14.43.400 - 14.43.420 and for payment of scholarships under 05 AS 14.43.810 - 14.43.849, one-third of the combined amount in the accounts 06 established under (a) and (b) of this section shall be available solely for payment of 07 grants awarded under AS 14.43.400 - 14.43.420. The commission shall annually 08 allocate to all qualified applicants for scholarships awarded under AS 14.43.810 - 09 14.43.849 two-thirds of the combined amount in the accounts. If an insufficient 10 number of qualified applicants are awarded grants under AS 14.43.400 - 14.43.420 or 11 scholarships under AS 14.43.810 - 14.43.849, or both, before the end of that fiscal 12 year, the commissioner shall redeposit the remaining funds into the Alaska higher 13 education investment trust fund established under AS 37.14.750. 14 * Sec. 6. AS 37.14.750(a) is amended to read: 15 (a) The Alaska higher education investment trust fund is established as a 16 separate fund of [IN] the Alaska Student Loan Corporation [GENERAL FUND] 17 for the purpose of making grants awarded under AS 14.43.400 - 14.43.420 by 18 appropriation to the account established under AS 14.43.915(a), [AND OF] making 19 scholarship payments to qualified postsecondary institutions for students under 20 AS 14.43.810 - 14.43.849 by appropriation to the account established under 21 AS 14.43.915(b), and funding agreements for medical education under 22 AS 14.42.033. Money in the fund does not lapse. The fund consists of 23 (1) money appropriated to the fund; 24 (2) income earned on investment of fund assets; 25 (3) donations to the fund; and 26 (4) money redeposited under AS 14.43.915(c). 27 * Sec. 7. AS 37.14.750(d) is amended to read: 28 (d) In this section, unless the context requires otherwise, "fund" means the 29 Alaska higher education investment trust fund established in (a) of this section. 30 * Sec. 8. AS 37.14.750 is amended by adding new subsections to read: 31 (e) The commissioner of revenue is a fiduciary of the Alaska higher education
01 investment trust fund. In managing the fund, the commissioner shall 02 (1) have the powers and duties set out in AS 37.10.071; and 03 (2) invest money in the fund so as to yield competitive market rates as 04 provided in AS 37.10.071. 05 (f) In addition to the appropriations under (c) of this section, money in the 06 fund may be appropriated to reimburse 07 (1) the Department of Revenue for the costs of managing the fund; and 08 (2) other costs of administering the fund. 09 * Sec. 9. AS 43.20.014(a) is amended to read: 10 (a) A taxpayer is allowed a credit against the tax due under this chapter for 11 contributions of cash or equipment accepted for 12 (1) direct instruction, research, and educational support purposes, 13 including library and museum acquisitions, and contributions to endowment, by an 14 Alaska university foundation, by a nonprofit, public or private, Alaska two-year or 15 four-year college accredited by a national or regional accreditation association, or by a 16 public or private nonprofit elementary or secondary school in the state; 17 (2) secondary school level vocational education courses, programs, and 18 facilities by a school district in the state; 19 (3) vocational education courses, programs, equipment, and facilities 20 by a state-operated vocational technical education and training school, a nonprofit 21 regional training center recognized by the Department of Labor and Workforce 22 Development, and an apprenticeship program in the state that is registered with the 23 United States Department of Labor under 29 U.S.C. 50 - 50b (National Apprenticeship 24 Act); 25 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 26 year college accredited by a national or regional accreditation association or by a 27 public or private nonprofit elementary or secondary school in the state; 28 (5) Alaska Native cultural or heritage programs and educational 29 support, including mentoring and tutoring, provided by a nonprofit agency for public 30 school staff and for students who are in grades kindergarten through 12 in the state; 31 (6) education, research, rehabilitation, and facilities by an institution
01 that is located in the state and that qualifies as a coastal ecosystem learning center 02 under the Coastal America Partnership established by the federal government; 03 (7) the Alaska higher education investment trust fund under 04 AS 37.14.750; 05 (8) funding a scholarship awarded by a nonprofit organization to a 06 dual-credit student to defray the cost of a dual-credit course, including the cost of 07 (A) tuition and textbooks; 08 (B) registration, course, and programmatic student fees; 09 (C) on-campus room and board at the postsecondary institution 10 in the state that provides the dual-credit course; 11 (D) transportation costs to and from a residential school 12 approved by the Department of Education and Early Development under 13 AS 14.16.200 or the postsecondary school in the state that provides the dual- 14 credit course; and 15 (E) other related educational and programmatic costs; 16 (9) constructing, operating, or maintaining a residential housing 17 facility by a residential school in the state approved by the Department of Education 18 and Early Development under AS 14.16.200; 19 (10) childhood early learning and development programs and 20 educational support to childhood early learning and development programs provided 21 by a nonprofit corporation organized under AS 10.20, a tribal entity, or a school 22 district in the state, by the Department of Education and Early Development, or 23 through a state grant; 24 (11) science, technology, engineering, and math programs provided by 25 a nonprofit agency or a school district for school staff and for students in grades 26 kindergarten through 12 in the state; and 27 (12) the operation of a nonprofit organization dedicated to providing 28 educational opportunities that promote the legacy of public service contributions to the 29 state and perpetuate ongoing educational programs that foster public service 30 leadership for future generations of residents of the state. 31 * Sec. 10. AS 43.55.019(a) is amended to read:
01 (a) A producer of oil or gas is allowed a credit against the tax levied by 02 AS 43.55.011(e) for contributions of cash or equipment accepted for 03 (1) direct instruction, research, and educational support purposes, 04 including library and museum acquisitions, and contributions to endowment, by an 05 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 06 four-year college accredited by a national or regional accreditation association; 07 (2) secondary school level vocational education courses, programs, and 08 facilities by a school district in the state; 09 (3) vocational education courses, programs, equipment, and facilities 10 by a state-operated vocational technical education and training school, a nonprofit 11 regional training center recognized by the Department of Labor and Workforce 12 Development, and an apprenticeship program in the state that is registered with the 13 United States Department of Labor under 29 U.S.C. 50 - 50b (National Apprenticeship 14 Act); 15 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 16 year college accredited by a national or regional accreditation association; 17 (5) Alaska Native cultural or heritage programs and educational 18 support, including mentoring and tutoring, provided by a nonprofit agency for public 19 school staff and for students who are in grades kindergarten through 12 in the state; 20 (6) education, research, rehabilitation, and facilities by an institution 21 that is located in the state and that qualifies as a coastal ecosystem learning center 22 under the Coastal America Partnership established by the federal government; and 23 (7) the Alaska higher education investment trust fund under 24 AS 37.14.750. 25 * Sec. 11. AS 43.56.018(a) is amended to read: 26 (a) The owner of property taxable under this chapter is allowed a credit 27 against the tax due under this chapter for contributions of cash or equipment accepted 28 for 29 (1) direct instruction, research, and educational support purposes, 30 including library and museum acquisitions, and contributions to endowment, by an 31 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or
01 four-year college accredited by a national or regional accreditation association; 02 (2) secondary school level vocational education courses, programs, and 03 facilities by a school district in the state; 04 (3) vocational education courses, programs, and facilities by a state- 05 operated vocational technical education and training school; 06 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 07 year college accredited by a national or regional accreditation association; 08 (5) Alaska Native cultural or heritage programs and educational 09 support, including mentoring and tutoring, provided by a nonprofit agency for public 10 school staff and for students who are in grades kindergarten through 12 in the state; 11 (6) education, research, rehabilitation, and facilities by an institution 12 that is located in the state and that qualifies as a coastal ecosystem learning center 13 under the Coastal America Partnership established by the federal government; and 14 (7) the Alaska higher education investment trust fund under 15 AS 37.14.750. 16 * Sec. 12. AS 43.65.018(a) is amended to read: 17 (a) A person engaged in the business of mining in the state is allowed a credit 18 against the tax due under this chapter for contributions of cash or equipment accepted 19 for 20 (1) direct instruction, research, and educational support purposes, 21 including library and museum acquisitions, and contributions to endowment, by an 22 Alaska university foundation, by a nonprofit, public or private, Alaska two-year or 23 four-year college accredited by a national or regional accreditation association, or by a 24 public or private nonprofit elementary or secondary school in the state; 25 (2) secondary school level vocational education courses, programs, and 26 facilities by a school district in the state; 27 (3) vocational education courses, programs, and facilities by a state- 28 operated vocational technical education and training school; 29 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 30 year college accredited by a national or regional accreditation association or by a 31 public or private nonprofit elementary or secondary school in the state;
01 (5) Alaska Native cultural or heritage programs and educational 02 support, including mentoring and tutoring, provided by a nonprofit agency for public 03 school staff and for students who are in grades kindergarten through 12 in the state; 04 (6) education, research, rehabilitation, and facilities by an institution 05 that is located in the state and that qualifies as a coastal ecosystem learning center 06 under the Coastal America Partnership established by the federal government; 07 (7) the Alaska higher education investment trust fund under 08 AS 37.14.750; 09 (8) funding a scholarship awarded by a nonprofit organization to a 10 dual-credit student to defray the cost of a dual-credit course, including the cost of 11 (A) tuition and textbooks; 12 (B) registration, course, and programmatic student fees; 13 (C) on-campus room and board at the postsecondary institution 14 in the state that provides the dual-credit course; 15 (D) transportation costs to and from a residential school 16 approved by the Department of Education and Early Development under 17 AS 14.16.200 or the postsecondary school in the state that provides the dual- 18 credit course; and 19 (E) other related educational and programmatic costs; 20 (9) constructing, operating, or maintaining a residential housing 21 facility by a residential school approved by the Department of Education and Early 22 Development under AS 14.16.200; 23 (10) childhood early learning and development programs and 24 educational support to childhood early learning and development programs provided 25 by a nonprofit corporation organized under AS 10.20, a tribal entity, or a school 26 district in the state, by the Department of Education and Early Development, or 27 through a state grant; 28 (11) science, technology, engineering, and math programs provided by 29 a nonprofit agency or a school district for school staff and for students in grades 30 kindergarten through 12 in the state; and 31 (12) the operation of a nonprofit organization dedicated to providing
01 educational opportunities that promote the legacy of public service contributions to the 02 state and perpetuate ongoing educational programs that foster public service 03 leadership for future generations of residents of the state. 04 * Sec. 13. AS 43.75.018(a) is amended to read: 05 (a) A person engaged in a fisheries business is allowed a credit against the tax 06 due under this chapter for contributions of cash or equipment accepted for 07 (1) direct instruction, research, and educational support purposes, 08 including library and museum acquisitions, and contributions to endowment, by an 09 Alaska university foundation, by a nonprofit, public or private, Alaska two-year or 10 four-year college accredited by a national or regional accreditation association, or by a 11 public or private nonprofit elementary or secondary school in the state; 12 (2) secondary school level vocational education courses, programs, and 13 facilities by a school district in the state; 14 (3) vocational education courses, programs, and facilities by a state- 15 operated vocational technical education and training school; 16 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 17 year college accredited by a national or regional accreditation association or by a 18 public or private nonprofit elementary or secondary school in the state; 19 (5) Alaska Native cultural or heritage programs and educational 20 support, including mentoring and tutoring, provided by a nonprofit agency for public 21 school staff and for students who are in grades kindergarten through 12 in the state; 22 (6) education, research, rehabilitation, and facilities by an institution 23 that is located in the state and that qualifies as a coastal ecosystem learning center 24 under the Coastal America Partnership established by the federal government; 25 (7) the Alaska higher education investment trust fund under 26 AS 37.14.750; 27 (8) funding a scholarship awarded by a nonprofit organization to a 28 dual-credit student to defray the cost of a dual-credit course, including the cost of 29 (A) tuition and textbooks; 30 (B) registration, course, and programmatic student fees; 31 (C) on-campus room and board at the postsecondary institution
01 in the state that provides the dual-credit course; 02 (D) transportation costs to and from a residential school 03 approved by the Department of Education and Early Development under 04 AS 14.16.200 or the postsecondary school in the state that provides the dual- 05 credit course; and 06 (E) other related educational and programmatic costs; 07 (9) constructing, operating, or maintaining a residential housing 08 facility by a residential school approved by the Department of Education and Early 09 Development under AS 14.16.200; 10 (10) childhood early learning and development programs and 11 educational support to childhood early learning and development programs provided 12 by a nonprofit corporation organized under AS 10.20, a tribal entity, or a school 13 district in the state, by the Department of Education and Early Development, or 14 through a state grant; 15 (11) science, technology, engineering, and math programs provided by 16 a nonprofit agency or a school district for school staff and for students in grades 17 kindergarten through 12 in the state; and 18 (12) the operation of a nonprofit organization dedicated to providing 19 educational opportunities that promote the legacy of public service contributions to the 20 state and perpetuate ongoing educational programs that foster public service 21 leadership for future generations of residents of the state. 22 * Sec. 14. AS 43.77.045(a) is amended to read: 23 (a) A person engaged in a floating fisheries business is allowed a credit 24 against the tax due under this chapter for contributions of cash or equipment accepted 25 for 26 (1) direct instruction, research, and educational support purposes, 27 including library and museum acquisitions, and contributions to endowment, by an 28 Alaska university foundation, by a nonprofit, public or private, Alaska two-year or 29 four-year college accredited by a regional accreditation association, or by a public or 30 private nonprofit elementary or secondary school in the state; 31 (2) secondary school level vocational education courses, programs, and
01 facilities by a school district in the state; 02 (3) vocational education courses, programs, and facilities by a state- 03 operated vocational technical education and training school; 04 (4) a facility by a nonprofit, public or private, Alaska two-year or four- 05 year college accredited by a regional accreditation association or by a public or private 06 nonprofit elementary or secondary school in the state; 07 (5) Alaska Native cultural or heritage programs and educational 08 support, including mentoring and tutoring, provided by a nonprofit agency for public 09 school staff and for students who are in grades kindergarten through 12 in the state; 10 (6) education, research, rehabilitation, and facilities by an institution 11 that is located in the state and that qualifies as a coastal ecosystem learning center 12 under the Coastal America Partnership established by the federal government; 13 (7) the Alaska higher education investment trust fund under 14 AS 37.14.750; 15 (8) funding a scholarship awarded by a nonprofit organization to a 16 dual-credit student to defray the cost of a dual-credit course, including the cost of 17 (A) tuition and textbooks; 18 (B) registration, course, and programmatic student fees; 19 (C) on-campus room and board at the postsecondary institution 20 in the state that provides the dual-credit course; 21 (D) transportation costs to and from a residential school 22 approved by the Department of Education and Early Development under 23 AS 14.16.200 or the postsecondary school in the state that provides the dual- 24 credit course; and 25 (E) other related educational and programmatic costs; 26 (9) constructing, operating, or maintaining a residential housing 27 facility by a residential school approved by the Department of Education and Early 28 Development under AS 14.16.200; 29 (10) childhood early learning and development programs and 30 educational support to childhood early learning and development programs provided 31 by a nonprofit corporation organized under AS 10.20, a tribal entity, or a school
01 district in the state, by the Department of Education and Early Development, or 02 through a state grant; 03 (11) science, technology, engineering, and math programs provided by 04 a nonprofit agency or a school district for school staff and for students in grades 05 kindergarten through 12 in the state; and 06 (12) the operation of a nonprofit organization dedicated to providing 07 educational opportunities that promote the legacy of public service contributions to the 08 state and perpetuate ongoing educational programs that foster public service 09 leadership for future generations of residents of the state.