"An Act relating to loans to satisfy past due federal tax obligations of commercial fishermen and to the commercial fishing loan program."
To make available through the state's commercial fishing revolving loan fund the option of securing a loan to satisfy past due federal taxes; to eliminate the loan refinancing origination charge; and, to provide some latitude to the Division of Investments on the time frame for advertising and selling foreclosed permits.
Amends AS 16.10.310 to add an option to the commercial fishing revolving loan portfolio to satisfy past due federal tax obligations and delineates the requirements that must be met to receive a "tax" loan. [Page 2, lines 27-31 - Page 3, lines 1-12]
The fisherman must be a state resident at the time of application and must also have been a state resident for a continuous period of two years immediately preceding the loan application date. [Page 2, lines 27-30]
Applicants must be current on all their federal tax filings. [Page 2, lines 30-31]
Applicants must have an agreement with the federal government for repayment of past due taxes. [Page 2, line 31 - Page 3, line 1]
Have had a crewmember or commercial fishing license for the year immediately preceding the date of application and any other two of the past five years; and [Page 3, lines 2-5]
Have actively participated in the fishery during that period of time; or [Page 3, lines 5-6]
Does not have occupational opportunities available other than commercial fishing because of lack of training or other employment opportunities; or [Page3, lines 7-9]
Is economically dependent on commercial fishing and commercial fishing has been a traditional way of life. [Page 3, lines 10-12]
Amends AS 16.10.320(d) to allow a borrower to obtain a secured loan not to exceed $30,000 to satisfy past due tax obligations and describes this loans relationship to other loans the borrower may have under this program. [Page 4, lines 22-25]
Amends AS 16.10.337(b) by removing the word "promptly" to allow the Division of Investments more flexibility on advertising and selling foreclosed permits. [Page 4, line 31]
This change could provide the Division of Investments the ability to secure a better price on repossessed permits. This would assist the borrower and the state.
Ensures payments on child support liens if proceeds are distributed from the sale of a foreclosed permit. [Page 5, line 3]