03/17/2011 02:00 PM Senate LABOR & COMMERCE

2:04:42 PM                                                                                                                    
          SB  66-AIDEA: NEW MARKETS TAX CREDIT PROGRAM                                                                      
                                                                                                                                
VICE-CHAIR PASKVAN announced SB 66 to be up for consideration.                                                                  
                                                                                                                                
SENATOR MENARD moved to adopt CSSB 66(L&C), version 27-GS1747\M.                                                                
                                                                                                                                
SENATOR PASKVAN objected for discussion purposes.                                                                               
                                                                                                                                
2:05:27 PM                                                                                                                    
DANA  OWEN, staff  to  the Senate  Labor  and Commerce  Committee,                                                              
explained the two  changes in this version of SB  66. He said they                                                              
both appear  on page 4. One  is substantive and one  is technical.                                                              
At  the top  of page  on line  1  the first  phrase is  "revolving                                                              
fund".  In  the  original  version,   which  was  drafted  by  the                                                              
Administration,  they simply  used  the word  "fund".  Legislative                                                              
drafters  thought  it  was  more   appropriate  to  talk  about  a                                                              
revolving fund, so they changed that language.                                                                                  
                                                                                                                                
Then  on line  21 the  amount of  the  total loan  package cap  is                                                              
changed from  $50 million to $40  million as per  discussions with                                                              
Senator Menard.                                                                                                                 
                                                                                                                                
2:06:52 PM                                                                                                                    
TED LEONARD,  Executive Director,  Alaska Industrial,  Development                                                              
and Export  Authority (AIDEA),  Department of Commerce,  Community                                                              
and  Economic  Development  (DCCED), said  he  understood  Senator                                                              
Menard's concern with the cap and supported that change.                                                                        
                                                                                                                                
VICE-CHAIR  PASKVAN  asked  specifically   if  he  was  okay  with                                                              
changing "fund" to "revolving fund".                                                                                            
                                                                                                                                
MARK  DAVIS,  Economic  Development  Officer,  Alaska  Industrial,                                                              
Development   and   Export  Authority   (AIDEA),   Department   of                                                              
Commerce,  Community   and  Economic  Development   (DCCED),  said                                                              
"revolving fund" is more precise language and they support it.                                                                  
                                                                                                                                
SENATOR  PASKVAN  found  no further  comments  and  closed  public                                                              
testimony.                                                                                                                      
                                                                                                                                
VICE-CHAIR PASKVAN removed his objection.                                                                                       
                                                                                                                                
SENATOR  MENARD  moved  to  report CSSB  66(L&C)  version  M  from                                                              
committee  with  individual recommendations  and  attached  fiscal                                                              
note(s). There were no objections and it was so ordered.                                                                        
                                                                                                                                
2:09:36 PM                                                                                                                    
VICE-CHAIR PASKVAN adjourned the meeting at 2:09 p.m.