CSHB 194(L&C): "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 CS FOR HOUSE BILL NO. 194(L&C) 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 that 11 (1) was formed to encourage economic development within a 12 particular region of the state that includes the entire area of each municipality within 13 that region; 14 (2) has a board of directors that represents the region's economic, 15 political and social interests; and 16 (3) has been designated by the Department of Community and 17 Economic Development as a regional development organization. 18 (b) A contribution claimed as a credit under this section may not 19 (1) be claimed as a credit under another provision of this title; 20 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 21 imposed by this chapter; and 22 (3) when combined with credits taken during the taxpayer's tax year 23 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 24 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 25 * Sec. 8. AS 43.55.019(d) is amended to read: 26 (d) A contribution claimed as a credit under this section may not 27 (1) be claimed as a credit under another provision of this title; and 28 (2) when combined with credits taken during the taxpayer's tax year 29 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.56.018, 30 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 31 * Sec. 9. AS 43.55.019(d) is amended to read:
01 (d) A contribution claimed as a credit under this section may not 02 (1) be claimed as a credit under another provision of this title; and 03 (2) when combined with credits taken during the taxpayer's tax year 04 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.56.018, 05 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 06 * Sec. 10. AS 43.56.018(d) is amended to read: 07 (d) A contribution claimed as a credit under this section may not 08 (1) be claimed as a credit under another provision of this title; and 09 (2) when combined with credits taken during the taxpayer's tax year 10 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 11 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 12 * Sec. 11. AS 43.56.018(d) is amended to read: 13 (d) A contribution claimed as a credit under this section may not 14 (1) be claimed as a credit under another provision of this title; and 15 (2) when combined with credits taken during the taxpayer's tax year 16 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 17 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 18 * Sec. 12. AS 43.65.018(d) is amended to read: 19 (d) A contribution claimed as a credit under this section may not 20 (1) be claimed as a credit under another provision of this title; and 21 (2) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 23 AS 43.56.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 24 * Sec. 13. AS 43.65.018(d) is amended to read: 25 (d) A contribution claimed as a credit under this section may not 26 (1) be claimed as a credit under another provision of this title; and 27 (2) when combined with credits taken during the taxpayer's tax year 28 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 29 AS 43.56.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 30 * Sec. 14. AS 43.75.018(d) is amended to read: 31 (d) A contribution claimed as a credit under this section may not
01 (1) be claimed as a credit under another provision of this title; and 02 (2) when combined with credits taken during the taxpayer's tax year 03 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 04 AS 43.56.018, AS 43.65.018, or AS 43.77.045, exceed $150,000. 05 * Sec. 15. AS 43.75.018(d) is amended to read: 06 (d) A contribution claimed as a credit under this section may not 07 (1) be claimed as a credit under another provision of this title; and 08 (2) when combined with credits taken during the taxpayer's tax year 09 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 10 AS 43.56.018, AS 43.65.018, or AS 43.77.045, exceed $150,000. 11 * Sec. 16. AS 43.77.045(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 another provision of this title; and 14 (2) when combined with credits taken during the taxpayer's tax year 15 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 16 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 17 * Sec. 17. AS 43.77.045(c) is amended to read: 18 (c) A contribution claimed as a credit under this section may not 19 (1) be claimed as a credit under another provision of this title; and 20 (2) when combined with credits taken during the taxpayer's tax year 21 under AS 21.89.070, 21.89.075, AS 43.20.014, [43.20.019,] AS 43.55.019, 22 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 23 * Sec. 18. AS 43.20.019 is repealed. 24 * Sec. 19. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 REVISOR INSTRUCTION. In the event that sec. 28, ch. 46, SLA 2002, is amended 27 to extend the sunset date of that Act, the revisor of statutes shall reconcile that Act with this 28 Act. 29 * Sec. 20. Sections 1, 3, 5, 7, 8, 10, 12, 14, 16, and 19 of this Act take effect July 1, 2003. 30 * Sec. 21. Sections 2, 4, 6, 9, 11, 13, 15, 17, and 18 of this Act take effect July 1, 2005.