Section 16.43.310. Establishment of buy-back funds and permit buy-back assessments.

   (a) When the optimum number of entry permits is less than the number of entry permits outstanding in a fishery, the commission may establish a buy-back program, a buy-back plan, and a buy-back fund for that fishery.
   (b) The commission may establish by regulation a permit buy-back assessment for each fishery for which the commission has established a buy-back fund under (a) of this section. The amount of the assessment may not exceed seven percent of the value, as defined in AS 43.75.290, of fish that a permit holder in the fishery subject to the assessment removes from the state or transfers to a buyer in the state. The Department of Revenue shall collect an assessment established under this subsection.
   (c) The commission shall expend money appropriated to a buy-back fund for the purpose of reducing the number of entry permits in the fishery to the optimum number, at a rate to be established by the commission. The legislature may appropriate interest accrued on the money in a buy-back fund to that fund. Except as provided in AS 16.43.320, money appropriated to a buy-back fund does not lapse.

Authorities

16.43.100;16.43.300;16.43.320;43.76.300;43.76.310

Notes

Recent Bills that will modify this

HB 112 REPEAL CFEC; TRANSFER FUNCTIONS TO ADFG

References

AS 16.43.100 Duties and general powers.
AS 16.43.300 Revisions of optimum number of entry permits.
AS 16.43.320 Administration of the buy-back program.
AS 43.76.300 Permit buy-back assessment.
AS 43.76.310 Collection of assessment.

History

(Sec. 1 ch 79 SLA 1973; am Sec. 5 ch 135 SLA 2002)