02/12/2007 09:00 AM Senate FINANCE

9:02:35 AM                                                                                                                    
                                                                                                                                
                                                                                                                                
     CS FOR SENATE BILL NO. 20(STA)                                                                                             
     "An Act relating to  disclosures by legislators, legislative                                                               
     employees,  public  members  of   the  Select  Committee  on                                                               
     Legislative  Ethics, and  legislative  directors subject  to                                                               
     the Legislative  Ethics Act;  relating to  the applicability                                                               
     of  the  Legislative  Ethics  Act;   and  providing  for  an                                                               
     effective date."                                                                                                           
                                                                                                                                
                                                                                                                                
This was the  second hearing for this bill in  the Senate Finance                                                               
Committee.                                                                                                                      
                                                                                                                                
Co-Chair  Stedman reminded  of questions  raised at  the previous                                                               
hearing regarding definition of income.                                                                                         
                                                                                                                                
9:03:42 AM                                                                                                                    
                                                                                                                                
Co-Chair  Stedman referenced  subparagraph (2)  of AS  24.60.200.                                                               
Financial  disclosure  by  legislators,  public  members  of  the                                                               
committee, and  legislative directors., amended by  Section 3. He                                                               
had expressed  concern that the provision  requiring reporting of                                                               
income derived from performing a  service for a limited liability                                                               
corporation  would  not  "capture"  all  forms  of  income.  Upon                                                               
consultation  with Senator  French and  the Alaska  Public Office                                                               
Commission  (APOC),  he was  assured  that  the amended  language                                                               
would "close  existing loopholes" in the  disclosure requirements                                                               
for income from a limited liability company.                                                                                    
                                                                                                                                
9:04:39 AM                                                                                                                    
                                                                                                                                
Co-Chair Stedman  furthered that APOC  had informed him  that the                                                               
reporting  of "all  other forms  of compensation"  such as  stock                                                               
options,  equity,  deferred  compensation,  and  "other  creative                                                               
methods of compensation" was  sufficiently addressed elsewhere in                                                               
statute.                                                                                                                        
                                                                                                                                
9:05:23 AM                                                                                                                    
                                                                                                                                
Co-Chair  Hoffman  offered  a  motion to  report  the  bill  from                                                               
Committee  with   individual  recommendations   and  accompanying                                                               
fiscal note.                                                                                                                    
                                                                                                                                
There  was no  objection and  CS SB  20 (STA)  was REPORTED  from                                                               
committee  with  zero  fiscal  note #2  from  the  Department  of                                                               
Administration.                                                                                                                 
                                                                                                                                
AT EASE 9:06:03 AM / 9:09:02 AM