00                            SENATE BILL NO. 237                                                                         
01 "An Act establishing a corporate income tax credit for certain expenditures on child                                    
02 care services, utility rates, residential housing, and food security and availability; and                              
03 providing for an effective date."                                                                                       
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 43.20 is amended by adding a new section to read:                                                 
06            Sec. 43.20.022. Alaska affordability tax credit. (a) A taxpayer is allowed a                               
07       credit against the tax due under this chapter for actual qualifying expenditures for                              
08            (1) employer-provided child care or qualified child care expenses paid by the                                
09       employee and reimbursed by the taxpayer;                                                                          
10            (2) taxpayer contributions that reduce residential heating or electricity utility                            
11       rates in the state;                                                                                               
12            (3) taxpayer contributions that reduce residential mortgage rates or reduce the                              
13       costs of constructing energy efficient residential housing in the state; and                                      
14            (4) taxpayer contributions that improve food security and affordability.                                     

01            (b)  The amount of the credit is 50 percent of the amount of actual qualifying                               
02       expenditures under (a) of this section.                                                                           
03            (c)  A contribution claimed as a credit under this section may not                                           
04                 (1)  be the basis for a credit claimed under another provision of this                                  
05       title; or                                                                                                         
06                 (2)  also be allowed as a deduction under 26 U.S.C. against the tax                                     
07       imposed by this chapter.                                                                                          
08            (d)  The credit under this section may not reduce a person's tax liability under                             
09       this chapter by more than 50 percent for any tax year. An unused credit or portion of a                           
10       credit not used under this section for a tax year may not be sold, traded, transferred, or                        
11       applied in a prior or subsequent tax year.                                                                        
12            (e) The department shall adopt regulations to implement this section, including                              
13       regulations that define "qualifying expenditures" for the purpose of this section.                                
14    * Sec. 2.  This Act takes effect January 1, 2025.