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