Legislature(2001 - 2002)
2002-02-01 Senate Journal
Full Journal pdf2002-02-01 Senate Journal Page 2084 SB 267 SENATE BILL NO. 267 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "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." was read the first time and referred to the State Affairs, Labor and Commerce and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, Department of Military and Veterans' Affairs Fiscal Note No. 2, indeterminate, Department of Revenue Fiscal Note No. 3, indeterminate, Department of Community and Economic Development Governor's transmittal letter dated January 29: Dear President Halford: There are scores of memorials to veterans and monuments to the military throughout the state, owned by various entities. These memorials and monuments should be in excellent condition at all 2002-02-01 Senate Journal Page 2085 times to convey proper respect and to honor our former and present members of the military who served our nation and state and yet, these tributes to our military are in varying stages of upkeep. This bill I am transmitting establishes the Alaska Veterans' Memorial Endowment Fund to help fund efforts to maintain our current memorials and provide a possible source of funding for new memorials. It is part of a package of legislation I am introducing this year, and introduced last year, to offer proper acknowledgment and appreciation of our veterans. The bill proposes to finance the fund partly through contributions that will be eligible for certain state corporate tax credits. Primary use of the funds will be for maintaining veterans' memorials. Once this purpose is substantially satisfied in a fiscal year, the fund may be used to establish new memorials and to finance similar projects to recognize efforts of the military. The Veterans' Memorial Endowment Fund would be administered by the commissioner of revenue with a portion of the fund earnings available for appropriation for maintenance and establishment of memorials. A contributing taxpayer would receive a credit that could be applied against certain Alaska taxes, such as insurance premium taxes, income taxes, oil and gas exploration and production taxes, pipeline transportation property taxes, mining license taxes, and fisheries taxes. Tax credits would be limited in the same manner as they are for existing tax credit programs. Many Alaskans agree the state and its citizens should exhibit due respect to our veterans and military by maintaining these memorials and monuments. Dozens of Alaska corporations, businesses, and individuals have readily pledged contributions to this worthwhile endeavor, with the expectation of a matching state appropriation. The state is not obliged to maintain all memorials and monuments, yet it is appropriate for the state to share in the cost by providing modest matching grants. Therefore, I am proposing with this bill a one-time state contribution to the fund of $125,000. 2002-02-01 Senate Journal Page 2086 I urge you to take favorable action on this measure and my entire package of veterans' legislation. Sincerely, /s/ Tony Knowles Governor