Legislature(1993 - 1994)

04/18/1993 01:20 PM FIN

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
  SENATE BILL NO. 176                                                          
       An  Act  relating to  the  municipal tax  exemption for                 
       inventories intended for export.                                        
  Upon reconvening the meeting,  Co-chair Pearce directed that                 
  SB 176 be  brought on for  discussion.  SENATOR LOREN  LEMAN                 
  again  came  before  committee.   He  explained  that, under                 
  current statutes, municipalities may provide tax  exemptions                 
  on  personal  property   inventories  intended  for  export.                 
  However, the exemption is limited to  the portion of the tax                 
  to  accrue to the municipality and may not be applied to tax                 
  dollars that would  flow to school districts.   The proposed                 
  bill would  delete that prohibition and allow municipalities                 
  to exempt the  full amount  of tax on  inventories held  for                 
  export outside of Alaska.  This  change was requested by the                 
  Anchorage Development Corporation because it feels the state                 
  will not  be able  to attract  export  business unless  this                 
  impediment is removed.                                                       
  Co-chair Pearce called  for additional testimony.   None was                 
  Senator Sharp  MOVED that  SB 176  pass from  committee with                 
  individual  recommendations.     No  objection  having  been                 
  raised, SB 176  was REPORTED  OUT of committee  with a  zero                 
  fiscal note from the Dept. of Community and Regional Affairs                 
  and  a  zero Senate  State  Affairs  note for  the  Dept. of                 
  Commerce and  Economic  Development.   Co-chairs Pearce  and                 
  Frank  signed  the   committee  report  with  a   "do  pass"                 
  recommendation.   Senators Jacko, Kelly,  Rieger, and  Sharp                 
  signed  "no recommendation."   Senator  Kerttula was  absent                 
  from the meeting and did not sign.                                           

Document Name Date/Time Subjects