Legislature(2021 - 2022)BARNES 124
04/18/2022 03:15 PM House LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| HB404 | |
| HB405 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| + | SB 174 | TELECONFERENCED | |
| + | HB 404 | TELECONFERENCED | |
| += | HB 405 | TELECONFERENCED | |
ALASKA STATE LEGISLATURE
HOUSE LABOR AND COMMERCE STANDING COMMITTEE
April 18, 2022
3:21 p.m.
MEMBERS PRESENT
Representative Zack Fields, Co-Chair (via teleconference)
Representative Ivy Spohnholz, Co-Chair
Representative Calvin Schrage (via teleconference)
Representative Liz Snyder (via teleconference)
Representative James Kaufman
MEMBERS ABSENT
Representative David Nelson
Representative Ken McCarty
COMMITTEE CALENDAR
HOUSE BILL NO. 404
"An Act repealing the requirement that the Alaska Housing
Finance Corporation make a dividend available to the state, and
repealing associated definitions."
- HEARD & HELD
HOUSE BILL NO. 405
"An Act relating to the establishment of trusts; requiring the
filing of certain trust information; and requiring compliance
with a federal law."
- HEARD & HELD
PREVIOUS COMMITTEE ACTION
BILL: HB 404
SHORT TITLE: REPEAL AK HOUSING FINANCE CORP. DIVIDEND
SPONSOR(s): LABOR &
04/04/22 (H) READ THE FIRST TIME - REFERRALS
04/04/22 (H) L&C, FIN
04/04/22 (H) L&C AT 3:15 PM BARNES 124
04/04/22 (H) <Bill Hearing Canceled>
04/18/22 (H) L&C AT 3:15 PM BARNES 124
BILL: HB 405
SHORT TITLE: ESTABLISHMENT OF TRUSTS
SPONSOR(s): LABOR & COMMERCE
04/04/22 (H) READ THE FIRST TIME - REFERRALS
04/04/22 (H) L&C
04/08/22 (H) L&C AT 9:00 AM BARNES 124
04/08/22 (H) -- MEETING CANCELED --
04/15/22 (H) L&C AT 9:00 AM BARNES 124
04/15/22 (H) Heard & Held
04/15/22 (H) MINUTE(L&C)
04/18/22 (H) L&C AT 3:15 PM BARNES 124
WITNESS REGISTER
CHELSEA WARD-WALLER, Staff
Representative Ivy Spohnholz
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: On behalf of Representative Spohnholz,
prime sponsor, explained the proposed changes for HB 404,
Version I.
EVAN ANDERSON, Staff
Representative Zack Fields
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: On behalf of Representative Fields, prime
sponsor, presented the summary of changes for HB 405, Version B.
ACTION NARRATIVE
3:21:11 PM
CO-CHAIR IVY SPOHNHOLZ called the House Labor and Commerce
Standing Committee meeting to order at 3:21 p.m.
Representatives Spohnholz, Kaufman, Snyder (via teleconference)
and Fields (via teleconference) were present at the call to
order. Representative Schrage (via teleconference) arrived as
the meeting was in progress.
HB 404-REPEAL AK HOUSING FINANCE CORP. DIVIDEND
3:22:24 PM
CO-CHAIR SPOHNHOLZ announced that the first order of business
would be HOUSE BILL NO. 404, "An Act repealing the requirement
that the Alaska Housing Finance Corporation make a dividend
available to the state, and repealing associated definitions."
3:22:40 PM
CO-CHAIR FIELDS moved to adopt the proposed committee substitute
(CS) for HB 404, Version 24-LS1638\I, Klein, 4/15/22, as the
working document. There being no objection, Version I was
before the committee.
3:22:59 PM
CHELSEA WARD-WALLER, Staff, Representative Ivy Spohnholz, Alaska
State Legislature, on behalf of Representative Spohnholz, prime
sponsor, explained that the proposed HB 404 would repeal the
Alaska Housing Finance Corporation dividend, while the CS would
direct the dividend to be used towards affordable workforce
housing. She explained that the proposed CS is follow-up
legislation from the committee's March 25 meeting on affordable
housing.
3:23:49 PM
CO-CHAIR SPOHNHOLZ explained that the CS was crafted after a
discussion with Bryan Butcher, the CEO of the Alaska Housing
Finance Corporation. She noted that one of the suggestions had
been to increase the investment in housing.
[HB 404 was held over.]
HB 405-ESTABLISHMENT OF TRUSTS
3:25:08 PM
CO-CHAIR SPOHNHOLZ announced that the final order of business
would be HOUSE BILL NO. 405, "An Act relating to the
establishment of trusts; requiring the filing of certain trust
information; and requiring compliance with a federal law."
3:25:12 PM
CO-CHAIR FIELDS moved to adopt the proposed committee substitute
(CS) for HB 405, Version 32-LS1620\B, Bannister, 4/14/22, as the
working document. There being no objection, Version B was
before the committee.
3:25:32 PM
EVAN ANDERSON, Staff, Representative Zack Fields, Alaska State
Legislature, on behalf of Representative Fields, prime sponsor,
offered the summary of changes for HB 405, Version B [hard copy
included in the committee packet]. He explained that the
changes largely came about from suggestions from various
stakeholders. He pointed out that the major changes provided
more clarity in the statute. He paraphrased from the summary of
changes [copy included in the committee packet], which read as
follows [original punctuation provided]:
1. Ver G: p 1. Line 1. Amends bill title to include
"relocation of foreign trusts"
2. Ver G: p 1. Line 2. Amends bill title to include
"relating to trusts"
3. Ver G: p 2. lines 1, 4. Re-words Section 1 to
clarify the court filing requirements for trust
establishment. Requires disclosure of an address for
both corporate and individual trustees.
4. Ver G: p 2. lines 8, 11-13. adds "or relocation of
trust" to expand DCCED's statutory authority to treat
trusts relocating to the State of Alaska as new trusts
& require both new and relocating trusts to submit
beneficial ownership information.
5. Ver G: p 2. Line 15. Requires disclosure of the
"trust address"
6. Ver G: p 2. Lines 17-18. Adds a new line to require
disclosure of information for the person filing the
trust establishment document, previously, "applicant."
Lines 19-31. Requires disclosure for this person of
the legal name, address, alias, state or country of
organization, and a legal identifier, such as a Tax ID
number.
7. Ver G: p 3. Lines 1-9. Provides definitions and
requires disclosure of name and address for the
following categories: trustee, protector, beneficiary,
grantor, and settlor.
8. Ver G: p 3. Lines 10-11. Requires disclosure of any
other name of the trust being established.
9. Ver G: p 3. Lines 15-22. Requires disclosure of
changes to the legal structure of a trust within 30
days. This change will keep DCCED's registry of
beneficial ownership information current. Establishes
a $500 fine for non-compliance.
10. Ver G: p 3. Lines 26-28. Allows DCCED to share
information with another department or division for
enforcement and verification purposes.
11. Ver G: p 3. Lines 29-31. Classifies all new and
relocating trusts as "reporting company" to align with
federal regulatory framework.
12. Ver G: p 4. Lines 4-5. Provides a definition for
"address." 13. Ver G: p 4. Lines 16-19. Conforming
change to Section A of this statute; confirms
eligibility of foreign trusts to establish in the
State of Alaska.
14. Ver G: p 4. Lines 20-23. Conforming change to
Section C of this statute; confirms eligibility of
foreign trusts to establish in the State of Alaska.
15. Ver G: p 4. Lines 27-30. Defines and exempts
'testamentary trusts' created prior to the effective
date of this legislation from the new reporting
framework. All testamentary trusts established by
wills filed after the effective date of this
legislation will be subject to the new reporting
requirements.
3:32:36 PM
CO-CHAIR SPOHNHOLZ announced that HB 405 was held over.
3:33:39 PM
ADJOURNMENT
There being no further business before the committee, the House
Labor and Commerce Standing Committee meeting was adjourned at
3:33 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| CS HB 405 (L&C)_4.15.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 405 |
| SB 174 Amendment 1_4.14.22.pdf |
HL&C 4/15/2022 9:00:00 AM HL&C 4/18/2022 3:15:00 PM |
SB 174 |
| SB 174 Amendment 2_4.14.22.pdf |
HL&C 4/15/2022 9:00:00 AM HL&C 4/18/2022 3:15:00 PM |
SB 174 |
| CS HB 404 (L&C)_4.15.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404_Supporting Document_APM article_4.12.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404 Sponsor Statement_4.17.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404_Supporting Document_APM article_4.14.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404_Supporting Document_KTVF article_7.6.21.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404_Supporting Document_NLIHC Alaska Statistics_2021.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 404_Supporting Document_PBS article_3.14.22.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 404 |
| HB 405 CSHB L&C Summary of Changes.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 405 |
| HB 405 v. B - Sectional Analysis.pdf |
HL&C 4/18/2022 3:15:00 PM |
HB 405 |