SB 66 Summary

• Establishes a new markets tax credit assistance guarantee and loan program within the Alaska Industrial Development and Export Authority to support projects allocated federal new markets tax credits by qualified community development entities.

• Authorizes the authority to guarantee leveraged loans for up to 100 percent of loan value and to make direct leveraged loans when applicants cannot obtain commercial financing, with a combined outstanding principal limit of $40,000,000.

• Sets loan conditions including maximum 10-year terms, commercial reasonableness requirements, and restrictions aligned with federal new markets tax credit program rules, including interest-only payments during the seven-year tax credit period.

• Authorizes the Alaska Energy Authority to loan up to $26,000,000 from the power project fund for the Metlakatla Power and Light Triangle Lake hydroelectric project.

• Extends the effective dates of certain municipal property tax exemptions for Alaska Industrial Development and Export Authority assets from 2012 to November 30, 2017.