03/19/2021 01:30 PM Senate LABOR & COMMERCE

                SB 11-COMMUNITY PROPERTY TRUSTS                                                                               
                                                                                                                                
2:15:48 PM                                                                                                                    
CHAIR  COSTELLO announced  the consideration  of  SENATE BILL  NO.                                                              
11,  "An Act  relating  to  community  property and  to  community                                                              
property trusts; and providing for an effective date."                                                                          
                                                                                                                                
2:15:57 PM                                                                                                                    
TOM BEGICH, Alaska  State Legislature, Juneau, Alaska,  Sponsor of                                                              
SB  11,  stated  that  he  presented  the  bill  last  Friday  and                                                              
explained  that it  corrects  an ambiguity  in  the Community  and                                                              
Property  Trust   Act  of  1998  and  achieves   the  intent  that                                                              
community property trusts include appreciation.                                                                                 
                                                                                                                                
CHAIR COSTELLO listed who was available to answer questions.                                                                    
                                                                                                                                
2:17:10 PM                                                                                                                    
CHAIR COSTELLO  opened public  testimony on  SB 11; finding  none,                                                              
she solicited the will of the committee.                                                                                        
                                                                                                                                
2:17:32 PM                                                                                                                    
SENATOR HOLLAND  moved to  report SB  11, work order  32-LS0132\I,                                                              
from  committee  with  individual   recommendations  and  attached                                                              
fiscal note(s).                                                                                                                 
                                                                                                                                
2:17:51 PM                                                                                                                    
CHAIR  COSTELLO found  no  objection  and SB  11  passed from  the                                                              
Senate Labor and Commerce Standing Committee.                                                                                   
                                                                                                                                
SENATOR BEGICH thanked  the chair and the committee  for its swift                                                              
consideration  of the bill.  He characterized  it as a  small bill                                                              
that will have important ramifications.