SB135

What it does

• Increases the share of fisheries business tax revenue paid to unified municipalities from 50 percent to 60 percent.
• Raises the portion of tax revenue given to cities inside boroughs from 25 percent to 35 percent.
• Boosts the amount sent to boroughs for areas outside cities and within cities, changing shares from 50/25 percent to 60/35 percent respectively.
• Adjusts payment percentages over a four-year period for new cities and boroughs incorporated after June 16, 1987.
• Requires municipalities that receive these funds to use at least 10 percent of the money to support or enhance commercial fishing.
• Mandates that receiving municipalities submit annual reports to the legislature describing how they used the tax revenue and any harbor projects funded by it.