HB 194: "An Act creating a tax credit under the Alaska Net Income Tax Act for contributions to regional development organizations; and providing for an effective date."
00 HOUSE BILL NO. 194 01 "An Act creating a tax credit under the Alaska Net Income Tax Act for contributions to 02 regional development organizations; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 21.89.070(c) is amended to read: 05 (c) A contribution claimed as a credit under this section may not 06 (1) be claimed as a credit under more than one provision of this title; 07 and 08 (2) when combined with credits taken during the taxpayer's tax year 09 under AS 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, AS 43.56.018, 10 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 11 * Sec. 2. AS 21.89.070(c) is amended to read: 12 (c) A contribution claimed as a credit under this section may not 13 (1) be claimed as a credit under more than one provision of this title; 14 and
01 (2) when combined with credits taken during the taxpayer's tax year 02 under AS 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, AS 43.56.018, 03 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 04 * Sec. 3. AS 21.89.075(c) is amended to read: 05 (c) A contribution claimed by a taxpayer as a credit under this section may not 06 (1) be claimed as a credit under more than one provision of this title; 07 (2) when combined with credits taken during the taxpayer's tax year 08 under AS 21.89.070, AS 43.20.014, 43.20.019, AS 43.55.019, AS 43.56.018, 09 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000; or 10 (3) be claimed as a credit unless the contribution qualifies for the credit 11 under (d) of this section. 12 * Sec. 4. AS 21.89.075(c) is amended to read: 13 (c) A contribution claimed by a taxpayer as a credit under this section may not 14 (1) be claimed as a credit under more than one provision of this title; 15 (2) when combined with credits taken during the taxpayer's tax year 16 under AS 21.89.070, AS 43.20.014, [43.20.019,] AS 43.55.019, AS 43.56.018, 17 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000; or 18 (3) be claimed as a credit unless the contribution qualifies for the credit 19 under (d) of this section. 20 * Sec. 5. 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 43.20.019, AS 43.55.019, AS 43.56.018, 27 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 28 * Sec. 6. AS 43.20.014(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; 31 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax
01 imposed by this chapter; and 02 (3) when combined with credits taken during the taxpayer's tax year 03 under AS 21.89.070, 21.89.075, [AS 43.20.019,] AS 43.55.019, AS 43.56.018, 04 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 05 * Sec. 7. AS 43.20 is amended by adding a new section to read: 06 Sec. 43.20.019. Regional development organization tax credit. (a) For 07 cash contributions accepted for direct operation of a regional development 08 organization a taxpayer is allowed a tax credit equal to the amount of the contribution, 09 not to exceed $10,000. For purposes of this subsection, "regional development 10 organization" means a nonprofit organization or nonprofit corporation formed to 11 encourage economic development within a particular region of the state that includes 12 the entire area of each municipality within that region and that has a board of directors 13 that represents the region's economic, political, and social interests. 14 (b) A contribution claimed as a credit under this section may not 15 (1) be claimed as a credit under another provision of this title; 16 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 17 imposed by this chapter; and 18 (3) 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 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 21 * Sec. 8. AS 43.55.019(d) is amended to read: 22 (d) 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, 43.20.019, AS 43.56.018, 26 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 27 * Sec. 9. AS 43.55.019(d) is amended to read: 28 (d) A contribution claimed as a credit under this section may not 29 (1) be claimed as a credit under another provision of this title; and 30 (2) when combined with credits taken during the taxpayer's tax year 31 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.56.018,
01 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 02 * Sec. 10. AS 43.56.018(d) is amended to read: 03 (d) A contribution claimed as a credit under this section may not 04 (1) be claimed as a credit under another provision of this title; and 05 (2) when combined with credits taken during the taxpayer's tax year 06 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 07 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 08 * Sec. 11. AS 43.56.018(d) is amended to read: 09 (d) A contribution claimed as a credit under this section may not 10 (1) be claimed as a credit under another provision of this title; and 11 (2) when combined with credits taken during the taxpayer's tax year 12 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 13 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 14 * Sec. 12. AS 43.65.018(d) is amended to read: 15 (d) A contribution claimed as a credit under this section may not 16 (1) be claimed as a credit under another provision of this title; and 17 (2) when combined with credits taken during the taxpayer's tax year 18 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 19 AS 43.56.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 20 * Sec. 13. AS 43.65.018(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; and 23 (2) when combined with credits taken during the taxpayer's tax year 24 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 25 AS 43.56.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 26 * Sec. 14. AS 43.75.018(d) is amended to read: 27 (d) A contribution claimed as a credit under this section may not 28 (1) be claimed as a credit under another provision of this title; and 29 (2) when combined with credits taken during the taxpayer's tax year 30 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 31 AS 43.56.018, AS 43.65.018, or AS 43.77.045, exceed $150,000.
01 * Sec. 15. AS 43.75.018(d) is amended to read: 02 (d) A contribution claimed as a credit under this section may not 03 (1) be claimed as a credit under another provision of this title; and 04 (2) when combined with credits taken during the taxpayer's tax year 05 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 06 AS 43.56.018, AS 43.65.018, or AS 43.77.045, exceed $150,000. 07 * Sec. 16. AS 43.77.045(c) is amended to read: 08 (c) A contribution claimed as a credit under this section may not 09 (1) be claimed as a credit under another provision of this title; and 10 (2) when combined with credits taken during the taxpayer's tax year 11 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 12 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 13 * Sec. 17. AS 43.77.045(c) is amended to read: 14 (c) A contribution claimed as a credit under this section may not 15 (1) be claimed as a credit under another provision of this title; and 16 (2) when combined with credits taken during the taxpayer's tax year 17 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 18 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 19 * Sec. 18. AS 43.20.019 is repealed. 20 * Sec. 19. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 REVISOR INSTRUCTION. In the event that sec. 28, ch. 46, SLA 2002, is amended 23 to extend the sunset date of that Act, the revisor of statutes shall reconcile that Act with this 24 Act. 25 * Sec. 20. Sections 1, 3, 5, 7, 8, 10, 12, 14, 16, and 19 of this Act take effect July 1, 2003. 26 * Sec. 21. Sections 2, 4, 6, 9, 11, 13, 15, 17, and 18 of this Act take effect July 1, 2005.