The Irrevocable Unconditional Letter of Credit published by the Alaska Department of Revenue - Tax Division is the form a bank signs to secure an applicant's Alaska fisheries business tax liabilities for one tax year. It names the Tax Division as Beneficiary, states the maximum amount that can be drawn and sets the date by which drafts must be presented. On FillingPDF you can fill out the form online and download or print the completed PDF; the original PDF is published by the Tax Division at tax.alaska.gov.
Last updated
What is Letter of Credit (Fisheries License Application) – Alaska?
The Letter of Credit (Fisheries License Application) is the Alaska Department of Revenue - Tax Division form, titled "Irrevocable Unconditional Letter of Credit," in which an issuing bank promises to honor sight drafts up to a stated aggregate amount to secure an applicant's Alaska fisheries business tax liabilities.
The letter is effective on the date written on it. It secures the tax, interest and penalties imposed under AS 43.75 for the tax year entered on the form, as determined by the Beneficiary, the Alaska Department of Revenue Tax Division. All drawings are credited to the Applicant's account. The bank's obligation is not contingent on reimbursement by the Applicant, on a demand first made on the Applicant or on an assessment being issued. The Issuer has no rights of subrogation to contest the Beneficiary's determination. If a final determination under Alaska law shows an overpayment, the Beneficiary agrees to pay it to the Issuer, without additional interest, up to the unreimbursed drawings.
This is not a general-purpose letter of credit: it covers only Alaska fisheries business tax liabilities. The form is subject to the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500, and to Alaska law, with disputes heard in the Superior Court for the State of Alaska in Juneau.
The PDF has five pages: the letter, the bank's signature blocks, a notary acknowledgment, Exhibit A (an example sight draft) and Exhibit B (an example Beneficiary certificate).
Who needs to file Letter of Credit (Fisheries License Application) – Alaska?
The form is listed by the Tax Division under "Fisheries License Applications," and the letter is written "for the account of" an Applicant whose Alaska fisheries business tax liabilities it secures. Three parties appear on it:
- Applicant: the business named on the letter, for whose account the bank issues it.
- Issuer: the bank. Its office and address are entered at the signature block, and two authorized signers print their names and titles. A notary acknowledgment follows their signatures.
- Beneficiary: the Alaska Department of Revenue, Tax Division, P.O. Box 110420, Juneau, Alaska 99811. Its Director, Deputy Director, or Chief of Operations submits the certificate when a draw is made.
Use this form only to secure Alaska fisheries business tax liabilities under AS 43.75. It does not secure other tax types. Each letter covers one tax year, entered in the blank on the form. The form does not say which applicants must provide a letter of credit, so confirm with the Tax Division whether your fisheries license application requires one.
When to file Letter of Credit (Fisheries License Application) – Alaska
The letter of credit takes effect on the date written at the top of the form, and it secures only the tax year entered in the "20__ tax year" blank. The form sets no separate delivery deadline for the signed letter.
The key date inside the letter is the presentation deadline. Drafts must specify the letter of credit number and be presented by close of business on June 30 of the year following the tax year, or the next banking business day if June 30 falls on a Saturday, Sunday or legal holiday.
When the Beneficiary draws, the Applicant must notify the Beneficiary of the wire transfer by 2:00 p.m. on the business day before the transfer.
Documents you need
- Transmittal letter, only if drafts are to be presented at an office other than the Issuer's office shown on the letter; the form says the office may be identified in a transmittal letter sent with the document.
- Sight draft that must specify the letter of credit number, presented when the Beneficiary draws; Exhibit A on the form is an acceptable example, and the draft must visibly bear the word "original."
- Certificate from the Beneficiary submitted with the sight draft when drawing, certifying the fisheries business tax liabilities are due, delinquent and unpaid; Exhibit B is an acceptable example.
- A copy of the letter of credit and any amendments, submitted by the Beneficiary with the sight draft and certificate.
How to fill out Letter of Credit (Fisheries License Application) – Alaska
Enter the letter number and date
At the top, enter the Letter of Credit No. and the Date. The letter is effective on the date you enter.
Name the Applicant
In the "For the account of" line, enter the Applicant's name. The Beneficiary, Alaska Department of Revenue Tax Division, P.O. Box 110420, Juneau, Alaska 99811, is preprinted.
Enter the aggregate amount
Write the maximum aggregate amount in words and in the ($_______) blank. Drafts can be honored only up to this amount.
Enter the tax year secured
In the "20__ tax year" blank, enter the year of the Alaska fisheries business tax liabilities under AS 43.75 that the letter secures.
Enter the Issuer's office and address
Under "Sincerely," replace [Issuing Bank Office and Address] with the issuing bank's office and address, the place where drafts are presented unless a transmittal letter names another office.
Add the authorized signatures
Have two authorized signers of the Issuer sign on the "By" lines and print their names and titles.
Complete the notary acknowledgment
Enter the state and county, the day and year, and the names of the signers who appeared before the notary. The notary signs, seals and enters the commission expiration date.
Review Exhibits A and B
Exhibit A (sight draft) and Exhibit B (Beneficiary certificate) are examples of acceptable drawing documents. Leave them as attached examples unless a drawing is actually made.
Review and download the completed PDF
Check the number, date, amount, tax year and signature blocks, then download or print the completed PDF from FillingPDF and deliver it as described under How to submit.
How to submit Letter of Credit (Fisheries License Application) – Alaska
The form names no separate channel for delivering the signed letter. It is addressed to the Beneficiary, Alaska Department of Revenue, Tax Division, P.O. Box 110420, Juneau, Alaska 99811, and it mentions a transmittal letter that can identify the office where drafts are presented. Contact the Tax Division before sending it.
Details the form does give for drawings:
- Presenting drafts: at the Issuer's office shown on the letter, or the office named in the transmittal letter. A sight draft may be presented by electronic, reprographic, computerized or automated system but must visibly bear the word "original."
- Payment: by wire transfer through the Federal Reserve wire transfer system, at no cost to the Beneficiary. Get the account information from the Beneficiary at 907-465-2321.
- Notice of the wire: the Applicant notifies the Beneficiary by facsimile at 907-465-4019 or email at [email protected] by 2:00 p.m. on the business day before the wire.
FillingPDF lets you fill out and download the PDF; submission follows the channels above.
Common mistakes to avoid
- Leaving the tax year blank in the "20__ tax year" line; the deadline for drafts is counted from that year.
- Presenting a sight draft after close of business on June 30 of the year following the tax year, unless June 30 is a weekend or legal holiday and the next banking business day applies.
- Presenting a draft that does not specify the letter of credit number or does not visibly bear the word "original."
- Omitting the notary acknowledgment after the Issuer's authorized signatures.
- Leaving the aggregate dollar amount or the letter of credit number blank, so drafts cannot be matched to the letter.
- Failing to give notice of the wire transfer by fax or email by 2:00 p.m. on the business day before the transfer.
- Assigning the letter of credit without the consent of both the Issuer and the Beneficiary.
- Drawing without a certificate from the Director, Deputy Director, or Chief of Operations and a copy of the letter and any amendments.
Frequently asked questions
What is the Alaska fisheries letter of credit form?
It is the Tax Division's Irrevocable Unconditional Letter of Credit, issued by a bank in favor of the Alaska Department of Revenue. It secures an Applicant's Alaska fisheries business tax liabilities under AS 43.75 for one tax year, up to the aggregate amount stated on the letter.
Who is the beneficiary on this letter of credit?
The Alaska Department of Revenue, Tax Division, P.O. Box 110420, Juneau, Alaska 99811. Its Director, Deputy Director, or Chief of Operations submits the certificate and sight draft when drawing on the letter.
What is the deadline to draw on the letter of credit?
Drafts must be presented by close of business on June 30 of the year following the tax year on the letter. If June 30 is a Saturday, Sunday or legal holiday, the deadline moves to the next banking business day.
How does the Tax Division get paid under the letter?
By wire transfer through the Federal Reserve wire transfer system, at no cost to the Beneficiary. Get account information at 907-465-2321. The Applicant gives notice by fax at 907-465-4019 or email at [email protected] by 2:00 p.m. the business day before.
Can I fill out this letter of credit online?
Yes. You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is independent of the Alaska Department of Revenue and does not file or deliver the letter; delivery follows the Tax Division's channels.
Can the letter of credit be transferred to someone else?
Not without consent. The form says it may not be assigned except with the consent of both the Issuer and the Beneficiary.
What law governs disputes under this letter of credit?
Alaska law. Disputes over its interpretation and enforcement are resolved in the Superior Court for the State of Alaska located in Juneau. The letter is also subject to the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500.
What are Exhibit A and Exhibit B on the form?
Exhibit A is an acceptable example of the sight draft, and Exhibit B is an acceptable example of the Beneficiary's certificate. They show the documents the Tax Division presents when it draws on the letter of credit.
Ready to fill out Letter of Credit (Fisheries License Application) – Alaska?
Fill out Letter of Credit (Fisheries License Application) – Alaska now