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Editor's note: Public official financial disclosure regulations formerly set out at 2 AAC 50.010 - 2 AAC 50.200, as revised, are incorporated in this article. The history notes for affected sections in this article do not reflect the history of the incorporated regulations. Procedural provisions formerly located in 2 AAC 50.780 - 2 AAC 50.825 are relocated and incorporated into Article 4. (Alaska Public Offices Commission procedures). Necessary definitions formerly located in 2 AAC 50.890 are now set out in 2 AAC 50.990.

2 AAC 50.680. Applicability; family member disclosure required

(a) A legislative branch filer required under AS 24.60.200 to file a financial disclosure statement shall report income received, deferred income, and business interests as required in AS 39.50.030 and 2 AAC 50.680 - 2 AAC 50.799. A legislative branch filer's disclosure statement must include the required financial information for each family member of the legislative branch filer, and for any nondependent child of the legislative branch filer whose principal residence is the same as the principal residence of the legislative branch filer.

(b) A public official or candidate required by AS 39.50.020 to file a financial disclosure statement shall report income sources, gifts, deferred income, and business interests in compliance with AS 39.50.030 and 2 AAC 50.680 - 2 AAC 50.799. The disclosure statement of a public official must contain the required information for the public official and each family member of the public official. The disclosure statement of a candidate must contain the required information for the candidate and each family member of the candidate.

History: Eff. 12/22/2011, Register 200

Authority: AS 15.13.030

AS 24.60.200

AS 24.60.220

AS 39.50.020

AS 39.50.030

AS 39.50.050

Editor's note: Forms and instructions for filing legislative or public official financial disclosure statements are available at the offices of the Alaska Public Offices Commission at the address and telephone numbers set out in the editor's note following 2 AAC 50.250. The forms and instruction may also be obtained online at the commission's website at http://doa.alaska.gov/apoc/

2 AAC 50.685. Reporting sources of income and gifts

(a) In a disclosure statement required by AS 24.60.200 or AS 39.50.020 , a legislative branch filer, public official, or candidate shall report the applicable information required in AS 39.50.030 (b)(1) for all amounts greater than $1,000 received as

(1) compensation or benefits received from an employer, including a nonprofit entity, and a government employer; compensation or benefits include wages, salary, commissions, tips, bonuses, housing, and use of an automobile;

(2) dividends, interest, and other distributions of earnings from a business or investment;

(3) self-employment income as provided in 2 AAC 50.700;

(4) rental income as provided in 2 AAC 50.725; and

(5) any other income, including proceeds of a sale of goods or property, capital gains, pensions, retirement account cash-outs, government entitlements, alimony or child support payments, honoraria, and payments not otherwise accounted for.

(b) In a disclosure statement required by AS 39.50.020 , a public official or candidate shall report the applicable information required in AS 39.50.030 (b)(1) for any gift with a fair market value greater than $250, and for all gifts from a single source with a cumulative value greater than $250. A public official or candidate is not required to report an item received without consideration from a family member, a parent, nondependent child, sibling, grandparent, aunt, uncle, niece, or nephew. The requirements of this subsection do not apply to a legislative branch filer. However, nothing in this section relieves a legislative branch filer from a reporting requirement or limitation on acceptance of gifts in any other provision of law.

(c) The amount of any income more than $1,000 that must be reported, or the value of a gift more than $250 that must be reported, may be stated in a range rather than as an exact amount. The ranges to be used for this purpose are the following:

(1) more than $250 and no more than $1,000, for gifts only;

(2) more than $1,000 and no more than $2,000;

(3) more than $2,000 and no more than $5,000;

(4) more than $5,000 and no more than $10,000;

(5) more than $10,000 and no more than $20,000;

(6) more than $20,000 and no more than $50,000;

(7) more than $50,000 and no more than $100,000;

(8) more than $100,000 and no more than $200,000;

(9) more than $200,000 and no more than $500,000;

(10) more than $500,000 and no more than $1,000,000;

(11) more than $1,000,000.

History: Eff. 12/22/2011, Register 200

Authority: AS 15.13.030

AS 24.60.200

AS 24.60.220

AS 39.50.020

AS 39.50.030

AS 39.50.050

2 AAC 50.690. Good faith effort to obtain information

In a disclosure statement required by AS 24.60.200 or AS 39.50.020 , a legislative branch filer, public official, or candidate shall report the information that the legislative branch filer, public official, or candidate knows after making a good faith effort to ascertain the information. A good faith effort includes a written request to each family member of the legislative branch filer, public official, or candidate, or to the person in charge of a business in which the legislative branch filer, public official, candidate, or family member of the legislative branch filer, public official, or candidate held an interest in the reporting period

(1) asking for the information required under AS 39.50.030 and 2 AAC 50.680 - 2 AAC 50.740; and

(2) informing the recipient of the written request that the legislative branch filer, public official, or candidate

(A) is required to provide the information under oath and penalty of perjury; and

(B) may be subject to the penalties or other remedies set out in the applicable provisions of AS 24.60.240 - 24.60.260, AS 39.50.060 - 39.50.080, 39.50.110, 39.50.130, or 39.50.135 for failure to provide the information.

History: Eff. 12/22/2011, Register 200

Authority: AS 15.13.030

AS 24.60.200

AS 24.60.220

AS 39.50.020

AS 39.50.030

AS 39.50.050

2 AAC 50.695. Reporting deferred income

(a) In a disclosure statement required by AS 24.60.200 or AS 39.50.020 , a legislative branch filer, public official, or candidate shall report any source of income earned but deferred for payment after the end of the reporting period.

(b) Income reported as deferred when earned must also be reported as income in the year the money or item of value is received.

(c) This section does not apply to earned income that a legislative branch filer, public official, candidate, or family member of the legislative branch filer, public official, or candidate voluntarily elects to defer into a tax-advantaged retirement savings plan, including a plan under 26 U.S.C. 401(k), a plan under 26 U.S.C. 403(b), an individual retirement account under 26 U.S.C. 408 (IRA), and a deferred compensation plan under 26 U.S.C. 457 of a state or local government or tax-exempt organization. An interest in a tax-advantaged retirement plan must be reported as a beneficial interest under AS 39.50.030 (b)(4) and 2 AAC 50.712.

History: Eff. 12/22/2011, Register 200

Authority: AS 15.13.030

AS 24.60.200

AS 24.60.220

AS 39.50.020

AS 39.50.030

AS 39.50.050

2 AAC 50.700. Reporting self-employment and business income

(a) In a disclosure statement required under AS 24.60.200 or AS 39.50.020 , a legislative branch filer, public official, or candidate who is self-employed by means of a sole proprietorship, partnership, limited liability company, or professional corporation shall report the applicable information required in AS 39.50.030 (b)(1) for each source of income as provided in AS 39.50.200 (10).

(b) A legislative branch filer, public official, or candidate who is self-employed by a corporation in which the legislative branch filer, public official, or candidate holds a controlling interest shall report the applicable information required in AS 39.50.030 (b)(1) for each source of income as provided in AS 39.50.200 (10). In this subsection, "controlling interest" means the legislative branch filer, public official, or candidate, alone or in combination with one or more family members, controls

(1) 50 percent or more of the ownership interest or voting shares of the corporation; or

(2) less than 50 percent if the legislative branch filer, public official, or candidate and all family members of the legislative branch filer, public official, or candidates jointly exert actual control as demonstrated by

(A) making decisions for the corporation without independent participation of other owners;

(B) exercising day-to-day control over the corporation's affairs;

(C) disregarding formal legal requirements;

(D) using corporation funds for personal expenses or investments, or intermingling corporation finances with personal finances; or

(E) taking other actions that indicate the corporation is a mere instrumentality of the legislative branch filer, public official, or candidate.

(c) A legislative branch filer, public official, or candidate who has an ownership interest in, but is not self-employed by means of, a business that is a source of income shall report income from that business as provided in 2 AAC 50.685(a) .

(d) Nothing in this section requires a business to keep records that identify each client, patient, or customer in a transaction involving less than $1,000 if the business does not record the names of customers in the ordinary course of its business, or for accounting or any other purpose required by law.

History: Eff. 12/22/2011, Register 200

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