CSSB 267(FIN): "An Act establishing the Alaska veterans' memorial endowment fund and 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; and providing for an effective date."
00 CS FOR SENATE BILL NO. 267(FIN) 01 "An Act establishing the Alaska veterans' memorial endowment fund and providing for 02 credits against certain taxes for contributions to that fund; providing that the amount of 03 each tax credit for contributions to the Alaska veterans' memorial endowment fund on 04 amounts that do not exceed $100,000 is 50 percent and on amounts that exceed $100,000 05 but do not exceed $200,000 is 75 percent; relating to other tax credits for certain 06 contributions; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 21.89.070(c) is amended to read: 09 (c) 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 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021,
01 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 02 AS 43.77.045, or 43.77.046, exceed $150,000. 03 * Sec. 2. AS 21.89 is amended by adding a new section to read: 04 Sec. 21.89.071. Insurance tax credit for gifts to Alaska veterans' memorial 05 endowment fund. (a) A taxpayer is allowed a credit against the tax due under 06 AS 21.09.210 or AS 21.66.110 for cash contributions that are accepted for the Alaska 07 veterans' memorial endowment fund established in AS 37.14.700. The amount of the 08 credit is the lesser of 09 (1) an amount equal to 10 (A) 50 percent of contributions of not more than $100,000; and 11 (B) 75 percent of the next $100,000 of contributions; or 12 (2) 50 percent of the taxpayer's tax liability under this title. 13 (b) A contribution claimed as a credit under this section may not 14 (1) be claimed as a credit under more than one provision of this title; 15 and 16 (2) when combined with credits taken during the taxpayer's tax year 17 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 18 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 19 AS 43.77.045, or 43.77.046, exceed $150,000. 20 (c) A taxpayer may not claim the tax credit allowed under this section if the 21 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 22 this title or AS 43. For purposes of this subsection, a taxpayer is not in arrears if the 23 payment is under administrative or judicial appeal. 24 * Sec. 3. AS 21.89.075(c) is amended to read: 25 (c) A contribution claimed by a taxpayer as a credit under this section may not 26 (1) be claimed as a credit under more than one provision of this title; 27 (2) when combined with credits taken during the taxpayer's tax year 28 under AS 21.89.070, 21.89.071, AS 43.20.014, 43.20.018, AS 43.55.019, 43.55.021, 29 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 30 AS 43.77.045, or 43.77.046, exceed $150,000; or 31 (3) be claimed as a credit unless the contribution qualifies for the credit
01 under (d) of this section. 02 * Sec. 4. AS 37.14 is amended by adding new sections to read: 03 Article 8. Alaska Veterans' Memorial Endowment Fund. 04 Sec. 37.14.700. Alaska veterans' memorial endowment fund established. 05 (a) The Alaska veterans' memorial endowment fund is established as a separate 06 endowment trust fund of the state. The fund consists of 07 (1) appropriations to the fund; 08 (2) donations to the fund; and 09 (3) income earned on investments of fund assets. 10 (b) The commissioner of revenue shall manage the fund as an endowment, 11 with the goal that the purchasing power of the fund will not diminish over time 12 without regard to additional contributions that may be made to the fund. The 13 commissioner shall invest the assets of the fund in a manner likely to yield at least a 14 five percent real rate of return over time. 15 (c) Nothing in this section creates a dedicated fund. 16 Sec. 37.14.720. Powers and duties of the commissioner of revenue. In 17 carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner 18 of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall 19 provide reports to the adjutant general of the Department of Military and Veterans' 20 Affairs on the condition and investment performance of the fund. 21 Sec. 37.14.730. Use of fund. (a) As soon as practicable after July 1 of each 22 year, the commissioner of revenue shall determine the average month-end market 23 value of the fund for the immediately preceding three fiscal years. The commissioner 24 shall identify five percent of that amount as available for appropriation by the 25 legislature for uses described in (b) of this section. 26 (b) Appropriations of the amount identified in (a) of this section may be used 27 for the following purposes: 28 (1) grants for the maintenance, repair, replacement, and enhancement 29 of, or addition to, veterans' memorials or monuments to the military; 30 (2) grants for the development and construction of new veterans' 31 memorials or monuments to the military if the adjutant general determines that the
01 purposes set out in (1) of this subsection have been met in a fiscal year; 02 (3) reimbursement of the costs of establishment, management, and 03 administration of the fund. 04 (c) After consultation with appropriate veterans' organizations, the adjutant 05 general of the Department of Military and Veterans' Affairs shall administer the grant 06 program and award grants from the money appropriated from the fund. The adjutant 07 general may adopt regulations under AS 44.62 (Administrative Procedure Act) to 08 establish procedures and standards to administer the grant program and for the award 09 of grants. The standards may include requirements for recipients to match grant 10 awards, if appropriate. 11 Sec. 37.14.740. Definition. In AS 37.14.700 - 37.14.740, "fund" means the 12 Alaska veterans' memorial endowment fund established in AS 37.14.700. 13 * Sec. 5. AS 43.20.014(d) is amended to read: 14 (d) A contribution claimed as a credit under this section may not 15 (1) be claimed as a credit under another provision of this title; 16 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 17 imposed by this chapter; and 18 (3) when combined with credits taken during the taxpayer's tax year 19 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.018, AS 43.55.019, 43.55.021, 20 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 21 AS 43.77.045, or 43.77.046, exceed $150,000. 22 * Sec. 6. AS 43.20 is amended by adding a new section to read: 23 Sec. 43.20.018. Alaska veterans' memorial endowment fund contribution 24 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 25 endowment fund established in AS 37.14.700, a taxpayer is allowed as a credit against 26 the tax due under this chapter 27 (1) 50 percent of contributions of not more than $100,000; and 28 (2) 75 percent of the next $100,000 of contributions. 29 (b) A contribution claimed as a credit under this section may not 30 (1) be claimed as a credit under another provision of this title; 31 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax
01 imposed by this chapter; and 02 (3) when combined with credits taken during the taxpayer's tax year 03 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, AS 43.55.019, 43.55.021, 04 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 05 AS 43.77.045, or 43.77.046, exceed $150,000. 06 (c) A taxpayer may not claim the tax credit allowed under this section if the 07 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 08 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 09 payment is under administrative or judicial appeal. 10 * Sec. 7. AS 43.55.019(d) is amended to read: 11 (d) A contribution claimed as a credit under this section may not 12 (1) be claimed as a credit under another provision of this title; and 13 (2) when combined with credits taken during the taxpayer's tax year 14 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.021, 15 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, [OR] 16 AS 43.77.045, or 43.77.046, exceed $150,000. 17 * Sec. 8. AS 43.55 is amended by adding a new section to read: 18 Sec. 43.55.021. Alaska veterans' memorial endowment fund contribution 19 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 20 endowment fund established in AS 37.14.700, a producer of oil or gas is allowed as a 21 credit against the tax due under this chapter 22 (1) 50 percent of contributions of not more than $100,000; and 23 (2) 75 percent of the next $100,000 of contributions. 24 (b) A contribution claimed as a credit under this section may not 25 (1) be claimed as a credit under another provision of this title; and 26 (2) when combined with credits taken during the taxpayer's tax year 27 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 28 AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 43.75.019, 29 AS 43.77.045, or 43.77.046, exceed $150,000. 30 (c) A taxpayer may not claim the tax credit allowed under this section if the 31 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under
01 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 02 payment is under administrative or judicial appeal. 03 (d) The department may, by regulation, establish procedures by which a 04 taxpayer may allocate a pro rata share of a credit claimed under this section against 05 monthly tax payments made during the tax year. 06 * Sec. 9. AS 43.56.018(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 43.55.019, 11 43.55.021, AS 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. 10. AS 43.56 is amended by adding a new section to read: 14 Sec. 43.56.019. 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, the owner of property taxable under this 17 chapter is allowed as a credit against the tax due under this chapter 18 (1) 50 percent of contributions of not more than $100,000; and 19 (2) 75 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 43.55.021, AS 43.56.018, 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. 11. AS 43.65.018(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 43.56.018, 43.56.019, 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. 12. AS 43.65 is amended by adding a new section to read: 10 Sec. 43.65.019. 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, a person engaged in the business of 13 mining in the state 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) 75 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, 43.56.019, AS 43.65.018, 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 * Sec. 13. AS 43.75.018(d) is amended to read: 27 (d) A contribution claimed as a credit under this section may not 28 (1) be claimed as a credit under another provision of this title; and 29 (2) 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, 43.20.018, AS 43.55.019, 31 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.019, [OR]
01 AS 43.77.045, or 43.77.046, exceed $150,000. 02 * Sec. 14. AS 43.75 is amended by adding a new section to read: 03 Sec. 43.75.019. Alaska veterans' memorial endowment fund contribution 04 credit. (a) For cash contributions accepted for the Alaska veterans' memorial 05 endowment fund established in AS 37.14.700, a person engaged in a fisheries business 06 is allowed as a credit against the tax due under this chapter 07 (1) 50 percent of contributions of not more than $100,000; and 08 (2) 75 percent of the next $100,000 of contributions. 09 (b) A contribution claimed as a credit under this section may not 10 (1) be claimed as a credit under another provision of this title; and 11 (2) when combined with credits taken during the taxpayer's tax year 12 under AS 21.89.070, 21.89.071, 21.89.075, AS 43.20.014, 43.20.018, AS 43.55.019, 13 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 14 AS 43.77.045, or 43.77.046, exceed $150,000. 15 (c) A taxpayer may not claim the tax credit allowed under this section if the 16 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 17 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 18 payment is under administrative or judicial appeal. 19 * Sec. 15. AS 43.77.045(c) is amended to read: 20 (c) 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 43.55.021, AS 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, [OR] AS 43.75.018, 25 43.75.019, or AS 43.77.046, exceed $150,000. 26 * Sec. 16. AS 43.77 is amended by adding a new section to read: 27 Sec. 43.77.046. Alaska veterans' memorial endowment fund contribution 28 credit. (a) In addition to the credit allowed under AS 43.77.040, for cash 29 contributions accepted for the Alaska veterans' memorial endowment fund established 30 in AS 37.14.700, a person engaged in a floating fisheries business is allowed as a 31 credit against the tax due under this chapter
01 (1) 50 percent of contributions of not more than $100,000; and 02 (2) 75 percent of the next $100,000 of contributions. 03 (b) 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 43.56.018, 43.56.019, AS 43.65.018, 43.65.019, AS 43.75.018, 08 43.75.019, or AS 43.77.045, exceed $150,000. 09 (c) A taxpayer may not claim the tax credit allowed under this section if the 10 taxpayer is in arrears in the payment of contributions under AS 23.20 or a tax under 11 this title or AS 21. For purposes of this subsection, a taxpayer is not in arrears if the 12 payment is under administrative or judicial appeal. 13 * Sec. 17. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 TRANSITION: AMOUNT AVAILABLE FOR APPROPRIATION. (a) 16 Notwithstanding AS 37.14.730(a), enacted by sec. 4 of this Act, the commissioner of revenue 17 shall identify five percent of the balance of the Alaska veterans' memorial endowment fund on 18 July 1, 2002, as being the amount available for appropriation to support efforts authorized by 19 this Act for fiscal year 2003. 20 (b) Notwithstanding the requirement in AS 37.14.730(a), enacted by sec. 4 of this 21 Act, that the commissioner of revenue make a determination based on the market value of the 22 fund for the immediately preceding three fiscal years, the commissioner of revenue shall 23 make the determination under AS 37.14.730(a) based on the average ending balance in the 24 fund 25 (1) from July 31, 2002, to June 30, 2003, for fiscal year 2004; 26 (2) from July 31, 2002, to June 30, 2004, for fiscal year 2005; 27 (3) from July 31, 2002, to June 30, 2005, for fiscal year 2006. 28 (c) In this section, 29 (1) "Alaska veterans' memorial endowment fund" means the fund established 30 in AS 37.14.700, enacted by sec. 4 of this Act; 31 (2) "fund" means the Alaska veterans' memorial endowment fund.
01 * Sec. 18. This Act takes effect immediately under AS 01.10.070(c).