HB 48: "An Act amending the powers of the board of trustees of the Alaska Retirement Management Board to authorize purchase and sale of transferable tax credit certificates issued in conjunction with the production tax on oil and gas; and providing for an effective date."
00 HOUSE BILL NO. 48 01 "An Act amending the powers of the board of trustees of the Alaska Retirement 02 Management Board to authorize purchase and sale of transferable tax credit certificates 03 issued in conjunction with the production tax on oil and gas; and providing for an 04 effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 37.10.220(b) is amended to read: 07 (b) The board may 08 (1) employ outside investment advisors to review investment policies; 09 (2) enter into an agreement with the fiduciary of another state fund in 10 order to assume the management and investment of those assets; 11 (3) contract for other services necessary to execute the board's powers 12 and duties; 13 (4) enter into confidentiality agreements that would exempt records 14 from AS 40.25.110 and 40.25.120 if the records contain information that could affect
01 the value of investment by the board or that could impair the ability of the board to 02 acquire, maintain, or dispose of investments; 03 (5) purchase transferable tax credit certificates issued under 04 AS 43.55.023 for 92 percent of the face value of a certificate, and sell transferable 05 tax credit certificates to the Department of Revenue under AS 43.55.023(f) for a 06 cash refund of the full face value of the certificate; under this paragraph, the 07 board 08 (A) may 09 (i) engage in the purchase and sale of transferable 10 tax credits notwithstanding AS 43.55.023(f) requiring written 11 application for a cash refund by the person to whom a transferable 12 tax credit certificate has been issued under AS 43.55.023(d) before 13 the department issues the cash refund for a certificate; and 14 (ii) sell a transferable tax credit certificate only if the 15 commissioner of revenue determines that economic conditions are 16 acceptable for the state to purchase and pay for the credit; and 17 (B) shall apply the proceeds from a sale made under this 18 paragraph to defray the unfunded pension liabilities of the systems for 19 which the board has responsibility. 20 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).