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--- version:SB 200+++ version:(document, no version)@@ -1,266 +1,22 @@- The Alaska State Legislature-- menu-- Home-- Senate-- Current Members-- Past Members-- By Session-- Alphabetical-- House-- Current Members-- Past Members-- By Session-- Alphabetical-- Bills & Laws-- Bills-- All Introduced-- Actions by Date-- Awaiting Actions-- Bills sent to Conf Committee-- Bills in Committee-- Governor's Vetoes-- Passed Legislation-- Prefile Bill Summary-- Requestor Summary-- Statistics-- Sponsor Summary-- Subject Summary-- Laws-- Constitution-- Constitutional Convention Files-- Statutes-- Executive Orders - Current-- Executive Orders - Historical-- Administrative Code-- Journals-- Session Laws & Resolves-- Session Laws & Resolves 2025-- Session Laws & Resolves 2026-- 1981 - Previous Year Session Law-- 1983 - Previous Year Legislative Resolves-- Tools-- Statute Information Retrieval System-- Bill Tracking Management Facility-- Past Legislatures (Archives)-- Committees-- Hearing Schedule-- Standing Committees-- Finance Committees-- Special Committees-- Joint Committees-- Conference Committees-- Other Committees-- Minutes-- Publications-- Get Started-- Information Offices-- Legislative Affairs-- Legislative Agencies-- Links-- Legislative Branch-- Executive Branch-- Judicial Branch-- Alaska Delegation--Home--Bill & Laws--Bills--SB 200 Detail--FullText-- txt--SB 200: "An Act relating to municipal assessments of farm or agricultural land; and providing for an effective date."--00 SENATE BILL NO. 200-01 "An Act relating to municipal assessments of farm or agricultural land; and providing-02 for an effective date."-03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:-04 * Section 1. AS 29.45.060(b) is amended to read:-05 (b) An owner of farm use land shall, to secure the assessment under this-06 section, apply to the assessor on or before May 15 of each year in which the-07 assessment is desired. The application shall be made on forms prescribed by the state-08 assessor for the use of the local assessor, and must include information required on a-09 Schedule F (Form 1040) and other information that may reasonably be required to-10 determine the entitlement of the applicant. If the applicant is required by the-11 Internal Revenue Service to file an Internal Revenue Service Schedule F (Form-12 1040), the applicant shall provide the local assessor with a copy of the applicant's-13 Schedule F (Form 1040). If the applicant is an S corporation, the applicant shall-14 provide the local assessor with the same information required on a Schedule F--01 (Form 1040). If the land is leased for farm use purposes, the applicant shall furnish to-02 the assessor a copy of the lease bearing the signatures of both lessee and lessor along-03 with the completed application. The applicant shall furnish the assessor a copy of the-04 lease covering the period for which the exemption is requested. This subsection does-05 not apply to a person with an interest in land that is classified by the state for-06 agricultural use or that is restricted by the state for agricultural purposes.-07 * Sec. 2. AS 29.45.060(f) is amended to read:-08 (f) This section does not apply to land for which the owner has granted, and-09 has outstanding, a lease or option to buy the surface rights. A property owner wishing-10 to file for farm use classification having no history of farm-related income may submit-11 a declaration of intent at the time of filing the application with the assessor setting out-12 the intended use of the land and certifying that the property owner intends to file an-13 Internal Revenue Service Schedule F (Form 1040) with the United States Internal-14 Revenue Service for the current tax year. An applicant using this procedure shall file-15 with the assessor on or before April 15 of the following year a copy of the Schedule F-16 (Form 1040) the applicant files with the Internal Revenue Service. If the applicant is-17 an S corporation, the applicant does not need to certify that it intends to file a-18 Schedule F (Form 1040) with the United States Internal Revenue Service for the-19 current tax year, but the applicant shall file with the assessor on or before-20 April 15 of the following year the same information required on a Schedule F-21 (Form 1040). Failure to make a filing required in this subsection forfeits the-22 exemption.-23 * Sec. 3. AS 29.45.060(g) is amended to read:-24 (g) In this section,-25 (1) "farm use" means the use of land for the production of crops, fruits,-26 flowers, livestock, or other agricultural products [FOR HUMAN OR ANIMAL-27 CONSUMPTION OR FOR THE SUSTENANCE OR GRAZING OF LIVESTOCK]-28 if the owner or lessee sells at least $2,500 of agricultural products produced from the-29 land during the tax year [AND FILES AN INTERNAL REVENUE SERVICE-30 SCHEDULE F (FORM 1040) WITH THE UNITED STATES INTERNAL-31 REVENUE SERVICE]; "farm use" does not include the use of land for the--01 production of marijuana;-02 (2) "livestock" includes cattle, hogs, sheep, goats, horses, chickens,-03 turkeys, pigeons, and other poultry;-04 (3) "S corporation" means a sole proprietorship, partnership, or-05 entity that has elected to file federal returns under 26 U.S.C. 1361 - 1379-06 (Internal Revenue Code) [RAISED TO PROVIDE MEAT OR OTHER PRODUCTS-07 FOR HUMAN CONSUMPTION].-08 * Sec. 4. 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Land contained in a farm unit is assessed based on farm+use value and shall not be assessed as though subdivided or used for non-farm use purposes. If the land+is converted to a use incompatible to farming, the owner must pay the deferred tax (along with 8+percent interest) for the preceding seven years. The state did reimburse revenues lost to municipalities+due to the implementation of this program; however, the program has not been funded by the+legislature since 1986.+Page excerpted from the Department of Revenue 2025 Alaska Taxable Report.+53+T+able 10B details the jurisdictions that have a farm use land assessment program. The farm use land+assessment program requires the assessor to assess "land and improvements in a farm unit" different+from its highest and best use. Land and improvements contained in a farm unit are assessed based on+farm use value and shall not be assessed as though subdivided or used for non-farm use purposes. If the+land/improvements are converted to a use incompatible to farming, the owner must pay the deferred+tax for the preceding seven years. The state did reimburse revenues lost to municipalities due to the+implementation of this program; however, the program has not been funded by the legislature since+1986.+Page excerpted from the Department of Revenue 2025 Alaska Taxable Report.
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