00                      CS FOR SENATE BILL NO. 71(FIN)                                                                    
01 "An Act relating to the fishery resource landing tax."                                                                  
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 43.77.020(b) is amended to read:                                                                   
04            (b)  The return shall be made on the basis of the calendar year. The return                              
05       [AND] is due on the last day of the month following the month that the                                        
06       department posts the statewide average fish price calculated by the Department                                
07       of Fish and Game for [BEFORE APRIL 1 AFTER THE CLOSE OF] the calendar                                         
08       year for which the return is made, and any unpaid tax shall be paid with the return.                          
09    * Sec. 2. AS 43.77.020(d) is amended to read:                                                                      
10            (d)  A person subject to the tax under this chapter shall make quarterly                                     
11       payments of the tax estimated to be due for the year, as required under (e) of this                           
12       section [REGULATIONS ADOPTED BY THE DEPARTMENT]. A taxpayer will be                                           
13       subject to an estimated tax penalty, determined by applying the interest rate specified                           
14       in AS 43.05.225 to the underpayment for each quarter, unless the taxpayer makes                                   
15       estimated tax payments as required under (e) of this section [IN EQUAL                                        

01       INSTALLMENTS THAT TOTAL EITHER                                                                                    
02                 (1)  AT LEAST 90 PERCENT OF THE TAXPAYER'S TAX                                                          
03       LIABILITY UNDER THIS CHAPTER FOR THE TAX YEAR; OR                                                                 
04                 (2)  AT LEAST 100 PERCENT OF THE TAXPAYER'S TAX                                                         
05       LIABILITY UNDER THIS CHAPTER FOR THE PRIOR TAX YEAR].                                                             
06    * Sec. 3. AS 43.77.020 is amended by adding new subsections to read:                                               
07            (e)  A person subject to tax under this chapter shall make estimated quarterly                               
08       tax payments on or before March 31, June 30, September 30, and December 31 of                                     
09       each year in the following amounts:                                                                               
10                 (1)  four equal installments the sum of which is at least equal to the                                  
11       taxpayer's tax liability under this chapter for the immediately preceding calendar year;                          
12       or                                                                                                                
13                 (2)  four equal installments the sum of which equals at least 90 percent                                
14       of the taxpayer's tax liability under this chapter for the current calendar year; or                              
15                 (3)  four installments, calculated in each quarter, equal to 90 percent of                              
16       the sum of the number of pounds of unprocessed fish of each species landed in the                                 
17       state during the quarter that are subject to tax under this chapter, multiplied by the                            
18       respective statewide average price for each species posted by the department in the                               
19       immediately preceding calendar year, multiplied by the applicable tax rate under this                             
20       chapter.                                                                                                          
21            (f)  By March 31 of each year, a taxpayer shall notify the department of the                                 
22       estimated payment method under (e) of this section that the taxpayer will use during                              
23       that calendar year. Once a method is selected, the taxpayer may not change the                                    
24       estimated payment method until the following calendar year. If a taxpayer fails to                                
25       make a payment by March 31, the department shall calculate the taxpayer's estimated                               
26       liability under (e)(1) and (2) of this section, and apply the estimated payment method                            
27       that results in the lowest tax liability to determine the taxpayer's underpayment and                             
28       estimated tax penalty.