This bill amends existing laws regarding municipal assessments of farm or agricultural land in Alaska. It requires owners of farm use land to apply to the local assessor by May 15 each year, providing specific information including a copy of the Internal Revenue Service Schedule F (Form 1040) if applicable. The bill also clarifies that if the applicant is an S corporation, they must provide the same information required on Schedule F but are not required to certify their intent to file. Additionally, if the land is leased for farming, a copy of the lease must be submitted with the application.

The definition of "farm use" is updated to include the production of livestock and explicitly excludes the production of marijuana. The bill also introduces a new definition for "S corporation" and expands the list of livestock to include horses and other poultry. The changes aim to streamline the assessment process for agricultural land and ensure that the necessary documentation is provided to qualify for farm use classification. The act is set to take effect immediately upon passage.

Statutes affected:
SB0200A, AM SB 200, introduced 01/09/2026: 29.45.060