7 AAC 100.142 - Conversion of resources

(a) In the month in which one resource is converted to, or exchanged for, another resource, the department will not consider the newly acquired resource to be income. The new resource is subject to 7 AAC 100.100 - 7 AAC 100.199.

(b) For purposes of 7 AAC 100.100 - 7 AAC 100.199, money received from a refund or reimbursement is a converted resource rather than income. Conversion includes

(1) the refund of a rent deposit or rental cleaning or security deposit, where an unavailable 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.

Notes

7 AAC 100.142

Eff. 7/20/2007, Register 183

Authority:AS 47.05.010

AS 47.07.020

AS 47.07.040