Enrolled HB 61: 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.
00Enrolled HB 61 01 Relating to tax credits for cash contributions by taxpayers that are accepted for certain 02 educational purposes, including vocational education programs and courses at the secondary 03 school level and to tax credits for cash contributions by tax payers that are accepted by a state- 04 operated vocational technical education and training school; and providing for an effective 05 date. 06 _______________ 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 AS 21.89.070 is repealed and reenacted to read: 08 Sec. 21.89.070.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. 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 03 (1) 50 percent of contributions of not more than $100,000; and 04 (2) 100 percent of the next $100,000 of contributions. 05 (c) Each public college and university shall include in its annual operating 06 budget request contributions received and how the contributions were used. 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; 09 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 10 imposed by this chapter; and 11 (3) when combined with credits taken during the taxpayer's tax year 12 under AS 21.89.070, 21.89.075, AS 43.55.019, AS 43.56.018, AS 43.65.018, 13 AS 43.75.018, or AS 43.77.045, exceed $150,000. 14 (e) In this section, 15 (1) "school district" has the meaning given in AS 14.03.126; 16 (2) "vocational education" means organized educational activities that 17 offer a sequence of courses that provides individuals with the academic and technical 18 knowledge and skills the individuals need to prepare for further education and for 19 careers other than careers requiring a baccalaureate, master's, or doctoral degree. 20 * Sec. 3. AS 43.55.019 is repealed and reenacted to read: 21 Sec. 43.55.019. Oil or gas producer education credit. (a) A producer of oil 22 or gas is allowed a credit against the tax due under this chapter for cash contributions 23 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 43.56.018, AS 43.65.018, 10 AS 43.75.018, or AS 43.77.045, exceed $150,000. 11 (e) The department may, by regulation, establish procedures by which a 12 taxpayer may allocate a pro rata share of a credit claimed under this section against 13 monthly tax payments made during the tax year. 14 (f) In this section, 15 (1) "school district" has the meaning given in AS 14.03.126; 16 (2) "vocational education" has the meaning given in AS 43.20.014. 17 * Sec. 4. AS 43.56.018 is repealed and reenacted to read: 18 Sec. 43.56.018. Property tax education credit. (a) The owner of property 19 taxable under this chapter is allowed a credit against the tax due under this chapter for 20 cash contributions accepted 21 (1) for direct instruction, research, and educational support purposes, 22 including library and museum acquisitions, and contributions to endowment, by an 23 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 24 four-year college accredited by a regional accreditation association; 25 (2) for secondary school level vocational education courses and 26 programs by a school district in the state; and 27 (3) by a state-operated vocational technical education and training 28 school. 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 43.55.019, AS 43.65.018, 07 AS 43.75.018, or AS 43.77.045, exceed $150,000. 08 (e) In this section, 09 (1) "school district" has the meaning given in AS 14.03.126; 10 (2) "vocational education" has the meaning given in AS 43.20.014. 11 * Sec. 5. AS 43.65.018 is repealed and reenacted to read: 12 Sec. 43.65.018. Mining business education credit. (a) A person engaged in 13 the business of mining in the state is allowed a credit against the tax due under this 14 chapter for cash contributions accepted 15 (1) for direct instruction, research, and educational support purposes, 16 including library and museum acquisitions, and contributions to endowment, by an 17 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 18 four-year college accredited by a regional accreditation association; 19 (2) for secondary school level vocational education courses and 20 programs by a school district in the state; and 21 (3) by a state-operated vocational technical education and training 22 school. 23 (b) The amount of the credit is 24 (1) 50 percent of contributions of not more than $100,000; and 25 (2) 100 percent of the next $100,000 of contributions. 26 (c) Each public college and university shall include in its annual operating 27 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018,
01 AS 43.75.018, or AS 43.77.045, exceed $150,000. 02 (e) In this section, 03 (1) "school district" has the meaning given in AS 14.03.126; 04 (2) "vocational education" has the meaning given in AS 43.20.014. 05 * Sec. 6. AS 43.75.018 is repealed and reenacted to read: 06 Sec. 43.75.018. Fisheries business education credit. (a) A person engaged in 07 a fisheries business is allowed a credit against the tax due under this chapter for cash 08 contributions accepted 09 (1) for direct instruction, research, and educational support purposes, 10 including library and museum acquisitions, and contributions to endowment, by an 11 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 12 four-year college accredited by a regional accreditation association; 13 (2) for secondary school level vocational education courses and 14 programs by a school district in the state; and 15 (3) by a state-operated vocational technical education and training 16 school. 17 (b) The amount of the credit is 18 (1) 50 percent of contributions of not more than $100,000; and 19 (2) 100 percent of the next $100,000 of contributions. 20 (c) Each public college and university shall include in its annual operating 21 budget request contributions received and how the contributions were used. 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, AS 43.55.019, AS 43.56.018, 26 AS 43.65.018, or AS 43.77.045, exceed $150,000. 27 (e) In this section, 28 (1) "school district" has the meaning given in AS 14.03.126; 29 (2) "vocational education" has the meaning given in AS 43.20.014. 30 * Sec. 7. AS 43.77.045 is repealed and reenacted to read: 31 Sec. 43.77.045. Floating fisheries business education credit. (a) In addition
01 to the credit allowed under AS 43.77.040, a person engaged in a floating fisheries 02 business is allowed a credit against the tax due under this chapter for cash 03 contributions accepted 04 (1) for direct instruction, research, and educational support purposes, 05 including library and museum acquisitions, and contributions to endowment, by an 06 Alaska university foundation or by a nonprofit, public or private, Alaska two-year or 07 four-year college accredited by a regional accreditation association; 08 (2) for secondary school level vocational education courses and 09 programs by a school district in the state; and 10 (3) by a state-operated vocational technical education and training 11 school. 12 (b) The amount of the credit is 13 (1) 50 percent of contributions of not more than $100,000; and 14 (2) 100 percent of the next $100,000 of contributions. 15 (c) Each public college and university shall include in its annual operating 16 budget request contributions received and how the contributions were used. 17 (d) A contribution claimed as a credit under this section may not 18 (1) be claimed as a credit under another provision of this title; and 19 (2) when combined with credits taken during the taxpayer's tax year 20 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 21 AS 43.65.018, or AS 43.75.018, exceed $150,000. 22 (e) In this section, 23 (1) "school district" has the meaning given in AS 14.03.126; 24 (2) "vocational education" has the meaning given in AS 43.20.014. 25 * Sec. 8. This Act takes effect January 1, 2009.