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To the extent permitted by state law, the Fairbanks North Star Borough may offer an energy efficient new construction tax credit that will offset a portion of the areawide property taxes due on certain real property improvements made in the immediately preceding tax year. 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. If the approved applications exceed appropriations for this program, funds will be distributed on a pro rata basis.

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 energy efficiency tax credit.

C. To be eligible for a tax credit, the owner of the property must submit a completed borough-approved application before April 1st with verification and other documentation required for the credit, including proof that:

1. Construction was for an entirely new residential structure(s) and not an extension or modification of existing structures on the property;

2. Construction was completed during the immediately preceding tax year;

3. The structure provides living facilities for one or more persons and includes permanent provisions for living, sleeping, eating, cooking, and sanitation; and

4. The structure(s) achieved a six-star standard as certified by an eligible rater using the Building Energy Efficiency Standards for Alaska, consisting of the International Energy Conservation Code (IECC) of 2018, ASHRAE 62.2, 2016 and 2018 International Residential Code, with Alaska Specific Amendments adopted November 28, 2018.

D. To the extent a tax credit is approved after application, that tax credit may be claimed only in the initial qualifying year. A claim must be submitted on a borough-approved form after property taxes are paid in full for the applicable tax year and no later than December 1st.

E. Applicants must have no delinquent property taxes or penalty or interest owing at the time of application and at the time the tax credit is claimed.

F. A tax credit shall not exceed $7,500 or the amount of areawide property taxes attributable to the energy efficient improvements for that year, whichever is less. (Ord. 2021-03 § 2, 2021.)