00 Enrolled HB 40 01 Establishing a municipal tax exemption for certain farm structures. 02 _______________ 03 * Section 1. AS 29.45.050 is amended by adding new subsections to read: 04 (t) A municipality may by ordinance approved by the voters partially or totally 05 exempt from taxation a farm structure used exclusively for farming activity, or 06 purposes directly related to farming activity, if the farm structure is owned or leased 07 by a person that is actively engaged in farming and that derives at least 10 percent of 08 the person's yearly gross income from farming activity, and the structure is used for 09 (1) the growing, storage, or processing of grains, fruits, vegetables, or 10 other crops intended for human consumption and produced by the owner's or lessee's 11 farming activity; 12 (2) the storage or processing of 13 (A) feed for livestock, poultry, or other animals used in the 14 owner's or lessee's farming activity; 15 (B) milk or milk products produced by the owner's or lessee's 01 farming activity; or 02 (3) stabling or milking the owner's or lessee's dairy animals. 03 (u) In this section, "farming activity" means raising and harvesting crops; 04 feeding, breeding, and managing livestock; dairying; or any combination of those 05 activities. 06 * Sec. 2. AS 29.45.050(t) and 29.45.050(u) are repealed 10 years after the effective date of 07 this Act.