05/08/2002 08:08 AM House STA

HB 371 - ALASKA VETERANS' MEM.ENDOWMENT FUND                                                                                  
                                                                                                                                
Number 1948                                                                                                                     
                                                                                                                                
CHAIR COGHILL announced that the  next order of business would be                                                               
HOUSE BILL  NO. 371,  "An Act  establishing the  Alaska veterans'                                                               
memorial  endowment  fund  and   providing  for  credits  against                                                               
certain taxes for  contributions to that fund;  relating to other                                                               
tax  credits  for certain  contributions;  and  providing for  an                                                               
effective date."                                                                                                                
                                                                                                                                
Number 1985                                                                                                                     
                                                                                                                                
REPRESENTATIVE  JAMES  made  a   motion  to  adopt  the  proposed                                                               
committee substitute (CS) for HB  371, version 22-GH2003\C, Cook,                                                               
5/7/02, as  a work draft.   There  being no objection,  Version C                                                               
was before the committee.                                                                                                       
                                                                                                                                
Number 2030                                                                                                                     
                                                                                                                                
REPRESENTATIVE JAMES made a motion to adopt Amendment 1, which                                                                  
read [original punctuation provided, but formatting changed]:                                                                   
                                                                                                                                
     Page 1, Line 1:                                                                                                            
          After the words "endowment fund", Delete:                                                                             
     "providing   for   credits   against   certain   taxes   for                                                               
     contributions  to that  fund; providing  that the  amount of                                                               
     each tax  credit for contributions  to the  Alaska veterans'                                                               
     memorial  endowment  fund  on amounts  that  do  not  exceed                                                               
     $100,000 is 50  percent and on amounts  that exceed $100,000                                                               
     but do not exceed $200,000  is 75 percent; relating to other                                                               
     tax credits for certain contributions;"                                                                                    
                                                                                                                                
     Page 1, Line 8, after the term "*Section 1."                                                                             
          Delete all language from "AS 21.89.070(c) through Page                                                              
     3, line 1.                                                                                                                 
                                                                                                                                
     Page 3, line 2:                                                                                                            
          Delete "*Sec. 4."                                                                                                   
                                                                                                                                
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          Delete all language beginning with line 13 through                                                                    
     page 9, line 12.                                                                                                           
                                                                                                                                
     Page 9., Line 13:                                                                                                          
          Delete: "*Sec. 17."                                                                                                 
          Insert: "*Sec. 2."                                                                                                
                                                                                                                              
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          Delete: "sec. 4"                                                                                                      
          Insert: "sec.1                                                                                                        
                                                                                                                                
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          Delete:  "*Sec. 18."                                                                                                
          Insert: "*Sec. 3."                                                                                                
                                                                                                                                
CHAIR COGHILL objected.                                                                                                         
                                                                                                                                
REPRESENTATIVE JAMES explained that Amendment 1 takes out the                                                                   
tax credit provisions in the bill.  She said she would do                                                                       
everything in her  power to raise money for this  fund but is not                                                               
willing to do  the tax credit at  this time.  She  noted that the                                                               
title would be changed with this amendment.                                                                                     
                                                                                                                                
Number 2179                                                                                                                     
                                                                                                                                
CAROL CARROLL, Director,  Central Office, Administrative Services                                                               
Division,  Department  of  Military &  Veterans  Affairs  (DMVA),                                                               
explained  that the  tax  credit  had two  sections.   The  first                                                               
$100,000 allowed  50 percent  credit and  the second  $100,000 in                                                               
the original  bill allowed 100 percent  of that as a  tax credit.                                                               
The Senate  reduced the  second $100,000 down  to 75  percent tax                                                               
credit.                                                                                                                         
                                                                                                                                
CHAIR COGHILL asked  if there was further  objection to Amendment                                                               
1.  There being no further objection, Amendment 1 was adopted.                                                                  
                                                                                                                                
Number 2198                                                                                                                     
                                                                                                                                
REPRESENTATIVE  JAMES  moved  to  report CSHB  371,  version  22-                                                               
GH2003\C,  Cook,  5/7/02,  as  amended,  out  of  committee  with                                                               
individual  recommendations and  the  accompanying fiscal  notes.                                                               
There  being no  objection, CSHB  371(STA) moved  from the  House                                                               
State Affairs Standing Committee.