02/11/1993 02:45 PM House FIN

                                                                               
  HOUSE BILL 73                                                                
                                                                               
       "An Act relating to state  and local taxation and other                 
       state  regulation  as  affected  by  the Alaska  Native                 
       Claims Settlement Act, as  amended, and related federal                 
       statutes; and providing for an effective date."                         
                                                                               
  Co-Chair MacLean provided the Committee with a memorandum to                 
  Co-Chair Larson regarding  "waiving" of HB 73.   [Attachment                 
  with federal amendments made to the Alaska Native Settlement                 
  Act (ANCSA) in 1991.                                                         
                                                                               
  Representative Martin asked if the  change would affect only                 
  corporation property.   Co-Chair MacLean stated HB  73 would                 
  affect corporation  and village  corporation property;  also                 
  homeowners property which they own  for a twenty year period                 
  would be taxed under this federal law.                                       
                                                                               
  Representative Martin asked  at which point would  it become                 
  individual  property.     Co-Chair  MacLean   explained  the                 
  property would become  taxable once it  becomes "double-up".                 
  This law is already in existence.                                            
                                                                               
  Co-Chair Larson MOVED TO  WAIVE HB 73 to the  next committee                 
  of referral.  There being NO OBJECTIONS, it was so ordered.