SB 267: "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."
00 SENATE BILL NO. 267 01 "An Act establishing the Alaska veterans' memorial endowment fund and providing for 02 credits against certain taxes for contributions to that fund; relating to other tax credits 03 for certain contributions; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 21.89.070(c) is amended to read: 06 (c) A contribution claimed as a credit under this section may not 07 (1) be claimed as a credit under more than one provision of this title; 08 and 09 (2) when combined with credits taken during the taxpayer's tax year 10 under AS 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 11 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 12 AS 43.77.045, or 43.77.046, exceed $150,000. 13 * Sec. 2. AS 21.89 is amended by adding a new section to read: 14 Sec. 21.89.071. Insurance tax credit for gifts to Alaska veterans' memorial
01 endowment fund. (a) A taxpayer is allowed a credit against the tax due under 02 AS 21.09.210 or AS 21.66.110 for cash contributions that are accepted for the Alaska 03 veterans' memorial endowment fund established in AS 37.14.700 The amount of the 04 credit is the lesser of 05 (1) an amount equal to 06 (A) 50 percent of contributions of not more than $100,000; and 07 (B) 100 percent of the next $100,000 of contributions; or 08 (2) 50 percent of the taxpayer's tax liability under this title. 09 (b) A contribution claimed as a credit under this section may not 10 (1) be claimed as a credit under more than one provision of this title; 11 and 12 (2) when combined with credits taken during the taxpayer's tax year 13 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 14 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 15 AS 43.77.045, or 43.77.046, exceed $150,000. 16 (c) A taxpayer may not claim the tax credit allowed under this section if the 17 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 18 this title or AS 43. For purposes of this subsection, a taxpayer is not in arrears if the 19 payment is under administrative or judicial appeal. 20 * Sec. 3. AS 21.89.075(c) is amended to read: 21 (c) A contribution claimed by a taxpayer as a credit under this section may not 22 (1) be claimed as a credit under more than one provision of this title; 23 (2) when combined with credits taken during the taxpayer's tax year 24 under AS 21.89.070, 21.89.071, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 25 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 26 AS 43.77.045, or 43.77.046, exceed $150,000; or 27 (3) be claimed as a credit unless the contribution qualifies for the credit 28 under (d) of this section. 29 * Sec. 4. AS 37.14 is amended by adding new sections to read: 30 Article 8. Alaska Veterans' Memorial Endowment Fund. 31 Sec. 37.14.700. Alaska veterans' memorial endowment fund established.
01 (a) The Alaska veterans' memorial endowment fund is established as a separate 02 endowment trust fund of the state. The fund consists of 03 (1) appropriations to the fund; 04 (2) donations to the fund; and 05 (3) income earned on investments of fund assets. 06 (b) The commissioner of revenue shall manage the fund as an endowment, 07 with the goal that the purchasing power of the fund will not diminish over time 08 without regard to additional contributions that may be made to the fund. The 09 commissioner shall invest the assets of the fund in a manner likely to yield at least a 10 five percent real rate of return over time. 11 (c) Nothing in this section creates a dedicated fund. 12 Sec. 37.14.720. Powers and duties of the commissioner of revenue. In 13 carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner 14 of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall 15 provide reports to the adjutant general of the Department of Military and Veterans' 16 Affairs on the condition and investment performance of the fund. 17 Sec. 37.14.730. Use of fund. (a) As soon as practicable after July 1 of each 18 year, the commissioner of revenue shall determine the average month-end market 19 value of the fund for the immediately preceding three fiscal years. The commissioner 20 shall identify five percent of that amount as available for appropriation by the 21 legislature for uses described in (b) of this section. 22 (b) Appropriations of the amount identified in (a) of this section may be used 23 for the following purposes: 24 (1) grants for the maintenance, repair, replacement, and enhancement 25 of, or addition to, veterans' memorials or monuments to the military; 26 (2) grants for the development and construction of new veterans' 27 memorials or monuments to the military, if the adjutant general determines that the 28 purposes set out in (1) of this subsection have been met in a fiscal year; 29 (3) reimbursement of the costs of establishment, management, and 30 administration of the fund. 31 (c) After consultation with appropriate veterans' organizations, the adjutant
01 general of the Department of Military and Veterans' Affairs shall administer the grant 02 program and award grants from the money appropriated from the fund. The adjutant 03 general may adopt regulations under AS 44.62 (Administrative Procedure Act) to 04 establish procedures and standards to administer the grant program and for the award 05 of grants. The standards may include requirements for recipients to match grant 06 awards, if appropriate. 07 Sec. 37.14.740. Definition. In AS 37.14.700 - 37.14.740, "fund" means the 08 Alaska veterans' memorial endowment fund established in AS 37.14.700. 09 * Sec. 5. AS 43.20.014(d) is amended to read: 10 (d) A contribution claimed as a credit under this section may not 11 (1) be claimed as a credit under another provision of this title; 12 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 13 imposed by this chapter; and 14 (3) when combined with credits taken during the taxpayer's tax year 15 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.018, AS 43.55.019, 43.55.021, 16 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 17 AS 43.77.045, or 43.77.046, exceed $150,000. 18 * Sec. 6. AS 43.20 is amended by adding a new section to read: 19 Sec. 43.20.018. Alaska veterans' memorial endowment fund contribution 20 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 21 endowment fund established in AS 37.14.700, a taxpayer is allowed as a credit against 22 the tax due under this chapter 23 (1) 50 percent of contributions of not more than $100,000; and 24 (2) 100 percent of the next $100,000 of contributions. 25 (b) A contribution claimed as a credit under this section may not 26 (1) be claimed as a credit under another provision of this title; 27 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 28 imposed by this chapter; and 29 (3) when combined with credits taken during the taxpayer's tax year 30 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, AS 43.55.019, 43.55.021, 31 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019,
01 AS 43.77.045, or 43.77.046, exceed $150,000. 02 (c) A taxpayer may not claim the tax credit allowed under this section if the 03 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 04 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 05 payment is under administrative or judicial appeal. 06 * Sec. 7. AS 43.55.019(d) is amended to read: 07 (d) A contribution claimed as a credit under this section may not 08 (1) be claimed as a credit under another provision of this title; and 09 (2) when combined with credits taken during the taxpayer's tax year 10 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.021, 11 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 12 AS 43.77.045, or 43.77.046, exceed $150,000. 13 * Sec. 8. AS 43.55 is amended by adding a new section to read: 14 Sec. 43.55.021. Alaska veterans' memorial endowment fund contribution 15 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 16 endowment fund established in AS 37.14.700, a producer of oil or gas is allowed as a 17 credit against the tax due under this chapter 18 (1) 50 percent of contributions of not more than $100,000; and 19 (2) 100 percent of the next $100,000 of contributions. 20 (b) A contribution claimed as a credit under this section may not 21 (1) be claimed as a credit under another provision of this title; and 22 (2) when combined with credits taken during the taxpayer's tax year 23 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 24 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 25 AS 43.77.045, or 43.77.046, exceed $150,000. 26 (c) A taxpayer may not claim the tax credit allowed under this section if the 27 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 28 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 29 payment is under administrative or judicial appeal. 30 (d) The department may, by regulation, establish procedures by which a 31 taxpayer may allocate a pro rata share of a credit claimed under this section against
01 monthly tax payments made during the tax year. 02 * Sec. 9. AS 43.56.018(d) is amended to read: 03 (d) A contribution claimed as a credit under this section may not 04 (1) be claimed as a credit under another provision of this title; and 05 (2) when combined with credits taken during the taxpayer's tax year 06 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 07 43.55.021, AS 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 08 AS 43.77.045, or 43.77.046, exceed $150,000. 09 * Sec. 10. AS 43.56 is amended by adding a new section to read: 10 Sec. 43.56.019. Alaska veterans' memorial endowment fund contribution 11 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 12 endowment fund established in AS 37.14.700, the owner of property taxable under this 13 chapter is allowed as a credit against the tax due under this chapter 14 (1) 50 percent of contributions of not more than $100,000; and 15 (2) 100 percent of the next $100,000 of contributions. 16 (b) A contribution claimed as a credit under this section may not 17 (1) be claimed as a credit under another provision of this title; and 18 (2) when combined with credits taken during the taxpayer's tax year 19 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 20 43.55.021, AS 43.56.018, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 21 AS 43.77.045, or 43.77.046, exceed $150,000. 22 (c) A taxpayer may not claim the tax credit allowed under this section if the 23 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 24 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 25 payment is under administrative or judicial appeal. 26 (d) The department may, by regulation, establish procedures by which a 27 taxpayer may allocate a pro rata share of a credit claimed under this section against 28 monthly tax payments made during the tax year. 29 * Sec. 11. AS 43.65.018(d) is amended to read: 30 (d) A contribution claimed as a credit under this section may not 31 (1) be claimed as a credit under another provision of this title; and
01 (2) when combined with credits taken during the taxpayer's tax year 02 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 03 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.019 [AS 43.65.018], AS 43.75.018, 04 43.75.019, [OR] AS 43.77.045, or 43.77.046, exceed $150,000. 05 * Sec. 12. AS 43.65 is amended by adding a new section to read: 06 Sec. 43.65.019. Alaska veterans' memorial endowment fund contribution 07 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 08 endowment fund established in AS 37.14.700, a person engaged in the business of 09 mining in the state is allowed as a credit against the tax due under this chapter 10 (1) 50 percent of contributions of not more than $100,000; and 11 (2) 100 percent of the next $100,000 of contributions. 12 (b) A contribution claimed as a credit under this section may not 13 (1) be claimed as a credit under another provision of this title; and 14 (2) when combined with credits taken during the taxpayer's tax year 15 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 16 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, AS 43.75.018, 43.75.019, 17 AS 43.77.045, or 43.77.046, exceed $150,000. 18 (c) A taxpayer may not claim the tax credit allowed under this section if the 19 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 20 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 21 payment is under administrative or judicial appeal. 22 * Sec. 13. AS 43.75.018(d) is amended to read: 23 (d) A contribution claimed as a credit under this section may not 24 (1) be claimed as a credit under another provision of this title; and 25 (2) when combined with credits taken during the taxpayer's tax year 26 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 27 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.019, 28 [AS 43.75.018, OR] AS 43.77.045, or 43.77.046, exceed $150,000. 29 * Sec. 14. AS 43.75 is amended by adding a new section to read: 30 Sec. 43.75.019. Alaska veterans' memorial endowment fund contribution 31 credit. (a) For cash contributions accepted for the Alaska veterans' memorial
01 endowment fund established in AS 37.14.700, a person engaged in a fisheries business 02 is allowed as a credit against the tax due under this chapter 03 (1) 50 percent of contributions of not more than $100,000; and 04 (2) 100 percent of the next $100,000 of contributions. 05 (b) A contribution claimed as a credit under this section may not 06 (1) be claimed as a credit under another provision of this title; and 07 (2) when combined with credits taken during the taxpayer's tax year 08 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 09 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 10 AS 43.77.045, or 43.77.046, exceed $150,000. 11 (c) A taxpayer may not claim the tax credit allowed under this section if the 12 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 13 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 14 payment is under administrative or judicial appeal. 15 * Sec. 15. AS 43.77.045(c) is amended to read: 16 (c) A contribution claimed as a credit under this section may not 17 (1) be claimed as a credit under another provision of this title; and 18 (2) when combined with credits taken during the taxpayer's tax year 19 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 20 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, [OR] AS 43.75.018, 21 43.75.019, or AS 43.77.046, exceed $150,000. 22 * Sec. 16. AS 43.77 is amended by adding a new section to read: 23 Sec. 43.77.046. Alaska veterans' memorial endowment fund contribution 24 credit. (a) In addition to the credit allowed under AS 43.77.040, for cash 25 contributions accepted for the Alaska veterans' memorial endowment fund established 26 in AS 37.14.700, a person engaged in a floating fisheries business is allowed as a 27 credit against the tax due under this chapter 28 (1) 50 percent of contributions of not more than $100,000; and 29 (2) 100 percent of the next $100,000 of contributions. 30 (b) A contribution claimed as a credit under this section may not 31 (1) be claimed as a credit under another provision of this title; and
01 (2) when combined with credits taken during the taxpayer's tax year 02 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 03 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 04 43.75.019, or AS 43.77.045, exceed $150,000. 05 (c) A taxpayer may not claim the tax credit allowed under this section if the 06 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 07 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 08 payment is under administrative or judicial appeal. 09 * Sec. 17. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 TRANSITION: AMOUNT AVAILABLE FOR APPROPRIATION. (a) 12 Notwithstanding AS 37.14.730(a), enacted by sec. 4 of this Act, the commissioner of revenue 13 shall identify five percent of the balance of the Alaska veterans' memorial endowment fund on 14 July 1, 2002, as being the amount available for appropriation to support efforts authorized by 15 this Act for fiscal year 2003. 16 (b) Notwithstanding the requirement in AS 37.14.730(a), enacted by sec. 4 of this 17 Act, that the commissioner of revenue make a determination based on the market value of the 18 fund for the immediately preceding three fiscal years, the commissioner of revenue shall 19 make the determination under AS 37.14.730(a) based on the average ending balance in the 20 fund 21 (1) from July 31, 2002, to June 30, 2003, for fiscal year 2004; 22 (2) from July 31, 2002 to June 30, 2004, for fiscal year 2005; 23 (3) from July 31, 2002 to June 30, 2005, for fiscal year 2006. 24 (c) In this section, 25 (1) "Alaska veterans' memorial endowment fund" means the fund established 26 in AS 37.14.700, enacted by sec. 4 of this Act; 27 (2) "fund" means the Alaska veterans' memorial endowment fund. 28 * Sec. 18. This Act takes effect immediately under AS 01.10.070(c).