Section 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.Eff. 8/5/92, Register 123Authority:AS 47.05.010
AS 47.27.005