CSHB 61(FIN): "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 to tax credits for cash contributions by tax payers that are accepted by a state-operated vocational technical education and training school; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 61(FIN) 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 to tax credits for cash contributions by tax payers that 04 are accepted by a state-operated vocational technical education and training school; and 05 providing for an effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 21.89.070 is repealed and reenacted to read: 08 Sec. 21.89.070. Insurance tax education credit. (a) A taxpayer is allowed a 09 credit against the tax due under AS 21.09.210 or AS 21.66.110 for cash contributions 10 accepted 11 (1) for direct instruction, research, and educational support purposes, 12 including library and museum acquisitions, and contributions to endowment, by an 13 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or
01 four-year college accredited by a regional accreditation association; 02 (2) for secondary school level vocational education courses and 03 programs by a school district in the state; and 04 (3) by a state-operated vocational technical education and training 05 school. 06 (b) The amount of the credit is the lesser of 07 (1) an amount equal to 08 (A) 50 percent of contributions of not more than $100,000; and 09 (B) 100 percent of the next $100,000 of contributions; or 10 (2) 50 percent of the taxpayer's tax liability under this title. 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 more than one provision of this title; 15 and 16 (2) when combined with credits taken during the taxpayer's tax year 17 under AS 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, 18 AS 43.75.018, or AS 43.77.045, exceed $150,000. 19 (e) In this section, 20 (1) "school district" has the meaning given in AS 14.03.126; 21 (2) "vocational education" has the meaning given in AS 43.20.014(e). 22 * Sec. 2. AS 43.20.014 is repealed and reenacted to read: 23 Sec. 43.20.014. Income tax education credit. (a) A taxpayer is allowed a 24 credit against the tax due under this chapter for cash contributions accepted 25 (1) for direct instruction, research, and educational support purposes, 26 including library and museum acquisitions, and contributions to endowment, by an 27 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 28 four-year college accredited by a regional accreditation association; 29 (2) for secondary school level vocational education courses and 30 programs by a school district in the state; and 31 (3) by a state-operated vocational technical education and training
01 school. 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" means organized educational activities that 19 offer a sequence of courses that provides individuals with the academic and technical 20 knowledge and skills the individuals need to prepare for further education and for 21 careers other than careers requiring a baccalaureate, master's, or doctoral degree, in 22 current or emerging employment sectors. 23 * Sec. 3. AS 43.55.019 is repealed and reenacted to read: 24 Sec. 43.55.019. Oil or gas producer education credit. (a) A producer of oil 25 or gas is allowed a credit against the tax due under this chapter for cash contributions 26 accepted 27 (1) for 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; 31 (2) for secondary school level vocational education courses and
01 programs by a school district in the state; and 02 (3) by a state-operated vocational technical education and training 03 school. 04 (b) The amount of the credit is 05 (1) 50 percent of contributions of not more than $100,000; and 06 (2) 100 percent of the next $100,000 of contributions. 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; 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, AS 43.56.018, AS 43.65.018, 13 AS 43.75.018, or AS 43.77.045, exceed $150,000. 14 (e) The department may, by regulation, establish procedures by which a 15 taxpayer may allocate a pro rata share of a credit claimed under this section against 16 monthly tax payments made during the tax year. 17 (f) In this section, 18 (1) "school district" has the meaning given in AS 14.03.126; 19 (2) "vocational education" has the meaning given in AS 43.20.014(e). 20 * Sec. 4. AS 43.56.018 is repealed and reenacted to read: 21 Sec. 43.56.018. Property tax education credit. (a) The owner of property 22 taxable under this chapter is allowed a credit against the tax due under this chapter for 23 cash contributions accepted 24 (1) for direct instruction, research, and educational support purposes, 25 including library and museum acquisitions, and contributions to endowment, by an 26 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 27 four-year college accredited by a regional accreditation association; 28 (2) for secondary school level vocational education courses and 29 programs by a school district in the state; and 30 (3) by a state-operated vocational technical education and training 31 school.
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 43.65.018, 10 AS 43.75.018, or AS 43.77.045, 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 34.20.014(e). 14 * Sec. 5. AS 43.65.018 is repealed and reenacted to read: 15 Sec. 43.65.018. Mining business education credit. (a) A person engaged in 16 the business of mining in the state is allowed a credit against the tax due under this 17 chapter for cash contributions accepted 18 (1) for 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; 22 (2) for secondary school level vocational education courses and 23 programs by a school district in the state; and 24 (3) by a state-operated vocational technical education and training 25 school. 26 (b) The amount of the credit is 27 (1) 50 percent of contributions of not more than $100,000; and 28 (2) 100 percent of the next $100,000 of contributions. 29 (c) Each public college and university shall include in its annual operating 30 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 04 AS 43.75.018, or AS 43.77.045, exceed $150,000. 05 (e) In this section, 06 (1) "school district" has the meaning given in AS 14.03.126; 07 (2) "vocational education" has the meaning given in AS 43.20.014(e). 08 * Sec. 6. AS 43.75.018 is repealed and reenacted to read: 09 Sec. 43.75.018. Fisheries business education credit. (a) A person engaged in 10 a fisheries business is allowed a credit against the tax due under this chapter for cash 11 contributions accepted 12 (1) for direct instruction, research, and educational support purposes, 13 including library and museum acquisitions, and contributions to endowment, by an 14 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 15 four-year college accredited by a regional accreditation association; 16 (2) for secondary school level vocational education courses and 17 programs by a school district in the state; and 18 (3) by a state-operated vocational technical education and training 19 school. 20 (b) The amount of the credit is 21 (1) 50 percent of contributions of not more than $100,000; and 22 (2) 100 percent of the next $100,000 of contributions. 23 (c) Each public college and university shall include in its annual operating 24 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 29 AS 43.65.018, or AS 43.77.045, exceed $150,000. 30 (e) In this section, 31 (1) "school district" has the meaning given in AS 14.03.126;
01 (2) "vocational education" has the meaning given in AS 42.20.014(e). 02 * Sec. 7. AS 43.77.045 is repealed and reenacted to read: 03 Sec. 43.77.045. Floating fisheries business education credit. (a) In addition 04 to the credit allowed under AS 43.77.040, a person engaged in a floating fisheries 05 business is allowed a credit against the tax due under this chapter for cash 06 contributions accepted 07 (1) for direct instruction, research, and educational support purposes, 08 including library and museum acquisitions, and contributions to endowment, by an 09 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 10 four-year college accredited by a regional accreditation association; 11 (2) for secondary school level vocational education courses and 12 programs by a school district in the state; and 13 (3) by a state-operated vocational technical education and training 14 school. 15 (b) The amount of the credit is 16 (1) 50 percent of contributions of not more than $100,000; and 17 (2) 100 percent of the next $100,000 of contributions. 18 (c) Each public college and university shall include in its annual operating 19 budget request contributions received and how the contributions were used. 20 (d) A contribution claimed as a credit under this section may not 21 (1) be claimed as a credit under another provision of this title; and 22 (2) 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, or AS 43.75.018, exceed $150,000. 25 (e) In this section, 26 (1) "school district" has the meaning given in AS 14.03.126; 27 (2) "vocational education" has the meaning given in AS 43.20.014(e). 28 * Sec. 8. This Act takes effect January 1, 2008.