HB 24: "An Act relating to reimbursement to a municipality for certain property tax revenues lost to it as a result of a tax exemption for certain residences; and providing for an effective date."
00HOUSE BILL NO. 24 01 "An Act relating to reimbursement to a municipality for certain property tax 02 revenues lost to it as a result of a tax exemption for certain residences; and 03 providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 18.56.082 is amended by adding a new subsection to read: 06 (b) In addition to the expenditures made under (a) of this section, money from 07 the Alaska housing finance revolving fund shall be used for reimbursements to 08 municipalities under AS 29.45.030(g). Within 30 days after receiving a request from 09 the state for money to be used for reimbursements, the corporation shall transfer the 10 amount requested from the revolving fund to the state. 11 * Sec. 2. AS 29.45.030(g) is amended to read: 12 (g) The state shall reimburse a borough or city, as appropriate, for the real 13 property tax revenues lost to it by the operation of (e) of this section. However, 14 reimbursement may be made to a municipality for revenue lost to it only to the extent
01 that the loss exceeds an exemption that was granted by the municipality, or that on 02 proper application by an individual would have been granted under AS 29.45.050(a). 03 If appropriations and amounts transferred to the state under AS 18.56.082 are not 04 sufficient to fully fund reimbursements under this subsection, the amount available 05 shall be distributed pro rata among eligible municipalities. Each municipality shall 06 reduce the amount of taxes it levies during a year so that tax revenues are 07 reduced by the amount the municipality received under this subsection during the 08 immediately preceding year. 09 * Sec. 3. This Act takes effect July 1, 1999.