2002-02-01                     Senate Journal                      Page 2085
times to convey proper respect and to honor our former and present                                  
members of the military who served our nation and state and yet, these                              
tributes to our military are in varying stages of upkeep.                                           
                                                                                                    
This bill I am transmitting establishes the Alaska Veterans' Memorial                               
Endowment Fund to help fund efforts to maintain our current                                         
memorials and provide a possible source of funding for new                                          
memorials. It is part of a package of legislation I am introducing this                             
year, and introduced last year, to offer proper acknowledgment and                                  
appreciation of our veterans.                                                                       
                                                                                                    
The bill proposes to finance the fund partly through contributions that                             
will be eligible for certain state corporate tax credits. Primary use of                            
the funds will be for maintaining veterans' memorials. Once this                                    
purpose is substantially satisfied in a fiscal year, the fund may be used                           
to establish new memorials and to finance similar projects to recognize                             
efforts of the military.                                                                            
                                                                                                    
The Veterans' Memorial Endowment Fund would be administered by                                      
the commissioner of revenue with a portion of the fund earnings                                     
available for appropriation for maintenance and establishment of                                    
memorials. A contributing taxpayer would receive a credit that could                                
be applied against certain Alaska taxes, such as insurance premium                                  
taxes, income taxes, oil and gas exploration and production taxes,                                  
pipeline transportation property taxes, mining license taxes, and                                   
fisheries taxes. Tax credits would be limited in the same manner as                                 
they are for existing tax credit programs.                                                          
                                                                                                    
Many Alaskans agree the state and its citizens should exhibit due                                   
respect to our veterans and military by maintaining these memorials                                 
and monuments. Dozens of Alaska corporations, businesses, and                                       
individuals have readily pledged contributions to this worthwhile                                   
endeavor, with the expectation of a matching state appropriation. The                               
state is not obliged to maintain all memorials and monuments, yet it is                             
appropriate for the state to share in the cost by providing modest                                  
matching grants. Therefore, I am proposing with this bill a one-time                                
state contribution to the fund of $125,000.