(a) The commissioner shall, not later than July 1 before the first regular session of each legislature, submit a report to the chair of the finance committee of each house of the legislature and to the legislative finance division that states, for each indirect expenditure made by the state,
(1) the name of the indirect expenditure;
(2) a brief description of the indirect expenditure;
(3) the statutory authority for the indirect expenditure;
(4) the date the statute authorizing the indirect expenditure is to be repealed, if applicable;
(5) the intent of the legislature in enacting the statute authorizing the indirect expenditure;
(6) the public purpose served by the indirect expenditure;
(7) the estimated annual effect on revenue of the indirect expenditure for the previous five fiscal years, excluding the fiscal year immediately preceding the date the report is due;
(8) the estimated cost to administer the indirect expenditure, if applicable;
(9) the number of beneficiaries of the indirect expenditure.
(b) For purposes of (a) of this section, federal tax credits adopted under AS 43.20.021 shall be reported in the aggregate.
(c) A department, agency, or public corporation of the state shall, upon the request of the commissioner, provide the records, reports, data analysis, or other information necessary for the commissioner to complete the report required by this section. The commissioner may enter into a confidentiality agreement if necessary to obtain information or a record required to prepare the report under this section.
(d) In this section, “indirect expenditure” means an express provision of state law that results in foregone revenue for the state by providing
(1) a tax credit or other credit;
(2) an exemption, but does not include federal tax exemptions adopted by reference in AS 43.20.021;
(3) a discount;
(4) a deduction, but does not include costs incurred in the ordinary course of business that are deducted in the calculation of a tax under this title or in the calculation of a royalty or net profit share payment for a lease issued under AS 38;
(5) a differential allowance.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.