7 AAC 45.305. Conversion of resources

(a) In the month in which one resource is converted to, or exchanged for, another resource, the newly-acquired resource is not considered income. The new resource will be considered in the same manner as other resources under this chapter.

(b) For purposes of this chapter, money received from a refund or reimbursement is considered a converted resource rather than income. Examples of conversion include:

(1) the refund of a rent deposit or rental cleaning deposit, where an unavailable and uncounted resource is converted to an available resource;

(2) merchandise returned in exchange for refund of the purchase price;

(3) money paid out for a repair, that is later refunded by the manufacturer under product warranty provisions;

(4) receipt of a federal or state income tax refund;

(5) reimbursement from an employer for out-of-pocket expenses related to work; and

(6) cash-in, by an individual not of retirement age, of that individual's paid-up entitlement to a past employment related retirement fund.

History: Eff. 8/5/92, Register 123

Authority: AS 47.05.010

AS 47.27.005

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