04/16/2011 10:00 AM Senate FINANCE

SENATE BILL NO. 66                                                                                                            
                                                                                                                                
     "An Act  creating a new  markets tax  credit assistance                                                                    
     guarantee   and   loan   program  within   the   Alaska                                                                    
     Industrial  Development   and  Export   Authority;  and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
10:44:04 AM                                                                                                                   
                                                                                                                                
Co-Chair  Hoffman   introduced  the  governor's   bill.  The                                                                    
legislation's intent  was to  provide economic  diversity in                                                                    
rural areas of the state.                                                                                                       
                                                                                                                                
Co-Chair  Stedman  explained  that   the  bill  allowed  the                                                                    
ability for a  firm to receive tax credits  from the federal                                                                    
program.  The  bill  allowed  for   creation  of  an  equity                                                                    
position and  formation of capital  for use  in economically                                                                    
challenged  portions of  the state.  He  mentioned one  zero                                                                    
fiscal note  from the Department of  Commerce, Community and                                                                    
Economic Development (DCCED).                                                                                                   
                                                                                                                                
Co-Chair Hoffman  MOVED to report  CSSB 66 out  of committee                                                                    
with individual recommendations  and the accompanying fiscal                                                                    
note(s). There being NO OBJECTION, it was so ordered.                                                                           
                                                                                                                                
CSSB  66 was  REPORTED out  of  committee with  a "do  pass"                                                                    
recommendation and with one zero fiscal note: FN1 (DCCED).