SCS CSHB 380(FIN): "An Act relating to contributions to the Alaska Fire Standards Council and to an insurer tax credit for those contributions; and providing for an effective date."
00SENATE CS FOR CS FOR HOUSE BILL NO. 380(FIN) 01 "An Act relating to contributions to the Alaska Fire Standards Council and to 02 an insurer tax credit for those contributions; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 21.89 is amended by adding a new section to read: 05 Sec. 21.89.075. Insurance tax credit for gifts to the Alaska Fire Standards 06 Council. (a) For cash contributions prequalified under (d) of this section and made 07 for fire services programs to the Alaska Fire Standards Council established under 08 AS 18.70.330, a taxpayer is allowed a credit against the tax due under AS 21.09.210 09 that is imposed on insurance that includes coverage for losses due to fire. 10 (b) The amount of the credit allowed to a taxpayer under (a) of this section is 11 the lesser of 12 (1) an amount equal to 13 (A) 50 percent of contributions of not more than $100,000; and 14 (B) 100 percent of the next $100,000 of contributions; or
01 (2) 50 percent of the taxpayer's tax liability under this title. 02 (c) A contribution claimed by a taxpayer as a credit under this section may not 03 (1) be claimed as a credit under more than one provision of this title; 04 (2) when combined with credits taken during the taxpayer's tax year 05 under AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or 06 AS 43.77.045, exceed $150,000; or 07 (3) be claimed as a credit unless the contribution qualifies for the credit 08 under (d) of this section. 09 (d) A taxpayer may not claim a contribution as a credit under (a) of this 10 section unless the taxpayer applies to the director for prequalification of the 11 contribution as a tax credit and receives written notice from the director that the 12 contribution prequalifies for the tax credit described under this section. The director 13 shall allow prequalified tax credits for contributions under this section in the order that 14 the director receives applications by taxpayers and may not provide notice of 15 prequalification if the taxpayer's contribution would cause the total contributions made 16 by all taxpayers during the calendar tax year to exceed $300,000. 17 * Sec. 2. AS 37.05.146(b) is amended by adding a new paragraph to read: 18 (6) receipts of the Alaska Fire Standards Council for which a taxpayer 19 is allowed a credit under AS 21.89.075. 20 * Sec. 3. AS 43.20.014(d) is amended to read: 21 (d) A contribution claimed as a credit under this section may not 22 (1) be claimed as a credit under another provision of this title; 23 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 24 imposed by this chapter; and 25 (3) when combined with credits taken during the taxpayer's tax year 26 under AS 21.89.070, 21.89.075, AS 43.55.019, AS 43.56.018, AS 43.65.018, 27 AS 43.75.018, or AS 43.77.045, exceed $150,000. 28 * Sec. 4. AS 43.55.019(d) is amended to read: 29 (d) A contribution claimed as a credit under this section may not 30 (1) be claimed as a credit under another provision of this title; and 31 (2) when combined with credits taken during the taxpayer's tax year
01 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.56.018, AS 43.65.018, 02 AS 43.75.018, or AS 43.77.045, exceed $150,000. 03 * Sec. 5. AS 43.56.018(d) is amended to read: 04 (d) A contribution claimed as a credit under this section may not 05 (1) be claimed as a credit under another provision of this title; and 06 (2) when combined with credits taken during the taxpayer's tax year 07 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.65.018, 08 AS 43.75.018, or AS 43.77.045, exceed $150,000. 09 * Sec. 6. AS 43.65.018(d) is amended to read: 10 (d) A contribution claimed as a credit under this section may not 11 (1) be claimed as a credit under another provision of this title; and 12 (2) when combined with credits taken during the taxpayer's tax year 13 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.65.018, 14 AS 43.75.018, or AS 43.77.045, exceed $150,000. 15 * Sec. 7. AS 43.75.018(d) is amended to read: 16 (d) A contribution claimed as a credit under this section may not 17 (1) be claimed as a credit under another provision of this title; and 18 (2) when combined with credits taken during the taxpayer's tax year 19 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 20 AS 43.75.018, or AS 43.77.045, exceed $150,000. 21 * Sec. 8. AS 43.77.045(c) is amended to read: 22 (c) A contribution claimed as a credit under this section may not 23 (1) be claimed as a credit under another provision of this title; and 24 (2) when combined with credits taken during the taxpayer's tax year 25 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 26 AS 43.65.018, or AS 43.75.018, exceed $150,000. 27 * Sec. 9. This Act takes effect July 1, 2000.