HB 61: "An Act relating to tax credits for cash contributions by taxpayers that are accepted for certain educational purposes, including vocational education programs and courses at the secondary school level; and providing for an effective date."
00 HOUSE BILL NO. 61 01 "An Act relating to tax credits for cash contributions by taxpayers that are accepted for 02 certain educational purposes, including vocational education programs and courses at 03 the secondary school level; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 21.89.070 is repealed and reenacted to read: 06 Sec. 21.89.070. Insurance tax education credit. (a) A taxpayer is allowed a 07 credit against the tax due under AS 21.09.210 or AS 21.66.110 for cash contributions 08 accepted for 09 (1) direct instruction, research, and educational support purposes, 10 including library and museum acquisitions, and contributions to endowment, by a two- 11 year or four-year college or university in the state that is accredited by a regional 12 accreditation association, or by an Alaska university foundation that supports a college 13 or university that could receive a contribution for which a taxpayer may obtain a credit 14 under this section; and
01 (2) secondary school level vocational education courses and programs 02 by a school district in the state. 03 (b) The amount of the credit is the lesser of 04 (1) an amount equal to 05 (A) 50 percent of contributions of not more than $100,000; and 06 (B) 100 percent of the next $100,000 of contributions; or 07 (2) 50 percent of the taxpayer's tax liability under this title. 08 (c) Each school district, public college, and public university shall include in 09 its annual operating budget request the amount of contributions received and the 10 amount used for the purposes described in (a) of this section. 11 (d) A contribution claimed as a credit under this section may not 12 (1) be claimed as a credit under more than one provision of this title; 13 and 14 (2) when combined with credits taken during the taxpayer's tax year 15 under AS 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, 16 AS 43.75.018, or AS 43.77.045, exceed $150,000. 17 (e) In this section, 18 (1) "school district" has the meaning given in AS 14.03.126; 19 (2) "vocational education" means organized educational activities that 20 offer a sequence of courses that provides individuals with the academic and technical 21 knowledge and skills the individuals need to prepare for further education and for 22 careers other than careers requiring a baccalaureate, master's, or doctoral degree, in 23 current or emerging employment sectors. 24 * Sec. 2. AS 43.20.014 is repealed and reenacted to read: 25 Sec. 43.20.014. Income tax education credit. (a) A taxpayer is allowed a 26 credit against the tax due under this chapter for cash contributions accepted for 27 (1) direct instruction, research, and educational support purposes, 28 including library and museum acquisitions, and contributions to endowment, by an 29 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 30 four-year college accredited by a regional accreditation association; and 31 (2) secondary school level vocational education courses and programs
01 by a school district in the state. 02 (b) The amount of the credit is the lesser of 03 (1) an amount equal to 04 (A) 50 percent of contributions of not more than $100,000; and 05 (B) 100 percent of the next $100,000 of contributions; or 06 (2) 50 percent of the taxpayer's tax liability under this title. 07 (c) Each public college and university shall include in its annual operating 08 budget request contributions received and how the contributions were used. 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; 11 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 12 imposed by this chapter; and 13 (3) when combined with credits taken during the taxpayer's tax year 14 under AS 21.89.070, 21.89.075, AS 43.55.019, AS 43.56.018, AS 43.65.018, 15 AS 43.75.018, or AS 43.77.045, exceed $150,000. 16 (e) In this section, 17 (1) "school district" has the meaning given in AS 14.03.126; 18 (2) "vocational education" has the meaning given in AS 21.89.070. 19 * Sec. 3. AS 43.55.019 is repealed and reenacted to read: 20 Sec. 43.55.019. Oil or gas producer education credit. (a) A producer of oil 21 or gas is allowed a credit against the tax due under this chapter for cash contributions 22 accepted for 23 (1) direct instruction, research, and educational support purposes, 24 including library and museum acquisitions, and contributions to endowment, by an 25 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 26 four-year college accredited by a regional accreditation association; and 27 (2) secondary school level vocational education courses and programs 28 by a school district in the state. 29 (b) The amount of the credit is 30 (1) 50 percent of contributions of not more than $100,000; and 31 (2) 100 percent of the next $100,000 of contributions.
01 (c) Each public college and university shall include in its annual operating 02 budget request contributions received and how the contributions were used. 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, AS 43.56.018, AS 43.65.018, 07 AS 43.75.018, or AS 43.77.045, exceed $150,000. 08 (e) The department may, by regulation, establish procedures by which a 09 taxpayer may allocate a pro rata share of a credit claimed under this section against 10 monthly tax payments made during the tax year. 11 (f) In this section, 12 (1) "school district" has the meaning given in AS 14.03.126; 13 (2) "vocational education" has the meaning given in AS 21.89.070. 14 * Sec. 4. AS 43.56.018 is repealed and reenacted to read: 15 Sec. 43.56.018. Property tax education credit. (a) The owner of property 16 taxable under this chapter is allowed a credit against the tax due under this chapter for 17 cash contributions accepted for 18 (1) direct instruction, research, and educational support purposes, 19 including library and museum acquisitions, and contributions to endowment, by an 20 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 21 four-year college accredited by a regional accreditation association; and 22 (2) secondary school level vocational education courses and programs 23 by a school district in the state. 24 (b) The amount of the credit is 25 (1) 50 percent of contributions of not more than $100,000; and 26 (2) 100 percent of the next $100,000 of contributions. 27 (c) Each public college and university shall include in its annual operating 28 budget request contributions received and how the contributions were used. 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 43.55.019, AS 43.65.018, 02 AS 43.75.018, or AS 43.77.045, exceed $150,000. 03 (e) In this section, 04 (1) "school district" has the meaning given in AS 14.03.126; 05 (2) "vocational education" has the meaning given in AS 21.89.070. 06 * Sec. 5. AS 43.65.018 is repealed and reenacted to read: 07 Sec. 43.65.018. Mining business education credit. (a) A person engaged in 08 the business of mining in the state is allowed a credit against the tax due under this 09 chapter for cash contributions accepted for 10 (1) direct instruction, research, and educational support purposes, 11 including library and museum acquisitions, and contributions to endowment, by an 12 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 13 four-year college accredited by a regional accreditation association; and 14 (2) secondary school level vocational education courses and programs 15 by a school district in the state. 16 (b) The amount of the credit is 17 (1) 50 percent of contributions of not more than $100,000; and 18 (2) 100 percent of the next $100,000 of contributions. 19 (c) Each public college and university shall include in its annual operating 20 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 25 AS 43.75.018, or AS 43.77.045, exceed $150,000. 26 (e) In this section, 27 (1) "school district" has the meaning given in AS 14.03.126; 28 (2) "vocational education" has the meaning given in AS 21.89.070. 29 * Sec. 6. AS 43.75.018 is repealed and reenacted to read: 30 Sec. 43.75.018. Fisheries business education credit. (a) A person engaged in 31 a fisheries business is allowed a credit against the tax due under this chapter for cash
01 contributions accepted for 02 (1) direct instruction, research, and educational support purposes, 03 including library and museum acquisitions, and contributions to endowment, by an 04 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 05 four-year college accredited by a regional accreditation association; and 06 (2) secondary school level vocational education courses and programs 07 by a school district in the state. 08 (b) The amount of the credit is 09 (1) 50 percent of contributions of not more than $100,000; and 10 (2) 100 percent of the next $100,000 of contributions. 11 (c) Each public college and university shall include in its annual operating 12 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 17 AS 43.65.018, or AS 43.77.045, exceed $150,000. 18 (e) In this section, 19 (1) "school district" has the meaning given in AS 14.03.126; 20 (2) "vocational education" has the meaning given in AS 21.89.070. 21 * Sec. 7. AS 43.77.045 is repealed and reenacted to read: 22 Sec. 43.77.045. Floating fisheries business education credit. (a) In addition 23 to the credit allowed under AS 43.77.040, a person engaged in a floating fisheries 24 business is allowed a credit against the tax due under this chapter for cash 25 contributions accepted for 26 (1) direct instruction, research, and educational support purposes, 27 including library and museum acquisitions, and contributions to endowment, by an 28 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 29 four-year college accredited by a regional accreditation association; and 30 (2) secondary school level vocational education courses and programs 31 by a school district in the state.
01 (b) The amount of the credit is 02 (1) 50 percent of contributions of not more than $100,000; and 03 (2) 100 percent of the next $100,000 of contributions. 04 (c) Each public college and university shall include in its annual operating 05 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 10 AS 43.65.018, or AS 43.75.018, exceed $150,000. 11 (e) In this section, 12 (1) "school district" has the meaning given in AS 14.03.126; 13 (2) "vocational education" has the meaning given in AS 21.89.070. 14 * Sec. 8. This Act takes effect January 1, 2008.