8.04.140 Air quality improvement tax credit.
To the extent permitted by state law, the Fairbanks North Star Borough may offer an air quality improvement tax credit that will offset a portion of the property taxes due on property that, during the immediately preceding tax year, has been improved in a way that aids in improving the air quality in the Fairbanks North Star Borough. This tax credit shall be subject to the following eligibility requirements, conditions, and other criteria:
A. Tax credits shall be available only to the extent that funds, lawfully appropriated for that purpose, are available to fund the tax credit.
B. The owner of the property must meet and fully comply with all requirements of any applicable program of the Fairbanks North Star Borough providing for an air quality improvement tax credit.
C. To claim a tax credit, the owner of the property must submit a completed Borough-approved form to the Fairbanks North Star Borough before April 1st and submit all verification and other documentation required for the claim.
D. To the extent a tax credit is approved after application, that tax credit applies only to that property and inures solely to the benefit of the applicant and eligibility for any future tax credit(s) will terminate upon sale of the property.
E. A tax credit shall not exceed the total amount of taxes due for that year. (Ord. 2013-08 § 2, 2013; Ord. 2010-28 § 5, 2010. 2004 Code § 3.08.031.)