SCS HB 272(FIN): "An Act relating to the tax assessment by a home rule or general law municipality of housing that qualifies for the low-income housing credit under the Internal Revenue Code; and providing for an effective date."
00SENATE CS FOR HOUSE BILL NO. 272(FIN) 01 "An Act relating to the tax assessment by a home rule or general law 02 municipality of housing that qualifies for the low-income housing credit under the 03 Internal Revenue Code; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.45.110 is amended by adding a new subsection to read: 06 (d) The provisions of this subsection apply to determine the full and true value 07 of property that qualifies for a low-income housing credit under 26 U.S.C. 42: 08 (1) the full and true value of all property within the municipality that 09 qualifies for a low-income housing credit under 26 U.S.C. 42 may be determined under 10 (a) of this section or under (2) of this subsection; 11 (2) if, under (3)(A) of this subsection, the governing body determines 12 by ordinance that the provisions of (a) of this section do not apply to determine the 13 full and true value of property that qualifies for a low-income housing credit under 26 14 U.S.C. 42, instead of assessing the property under (a) of this section, the assessor shall
01 base assessment of the value of the property on the actual income derived from the 02 property at full occupancy and may not adjust it based on the amount of any federal 03 income tax credit given for the property; for property the full and true value of which 04 is to be determined under this paragraph, to secure an assessment under this paragraph, 05 an owner of property that qualifies for the low-income housing credit shall apply to 06 the assessor before May 15 of each year in which the assessment is desired; the 07 property owner shall submit the application on forms prescribed by the assessor and 08 shall include information that may reasonably be required to determine the entitlement 09 of the applicant; 10 (3) for property that qualifies for a low-income housing credit under 11 26 U.S.C. 42, the governing body 12 (A) may determine, by parcel, whether the property shall be 13 assessed under (a) of this section or on the basis of actual income derived from 14 the property at full occupancy without adjustment based on the amount of any 15 federal income tax credit given for the property, as authorized by (2) of this 16 subsection; and 17 (B) may not, under (A) of this paragraph, change the manner 18 of assessment of the parcel of property if debt related to the property incurred 19 in conjunction with the property's qualifying for the low-income housing tax 20 credit remains outstanding. 21 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 22 to read: 23 RETROACTIVITY. (a) Section 1 of this Act is retroactive to January 1, 2000, and 24 applies to property that qualifies for a low-income tax credit under 26 U.S.C. 42 for the 25 assessment year that begins January 1, 2000. 26 (b) In a municipality in which a municipality determines that the provisions of 27 AS 29.45.110(d)(2), added by sec. 1 of this Act, apply during the assessment year beginning 28 January 1, 2000, the municipality may, notwithstanding the applicable deadline set in that 29 paragraph, set a different application deadline that is later than May 15, 2000. 30 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).