00 SENATE CS FOR CS FOR HOUSE BILL NO. 194(L&C) 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; or 28 (2) when combined with credits taken during the taxpayer's tax year 29 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 30 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 31  * Sec. 5. AS 43.55.019(d) is amended to read: 01 (d) A contribution claimed as a credit under this section may not 02 (1) be claimed as a credit under another provision of this title; and 03 (2) when combined with credits taken during the taxpayer's tax year 04 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.56.018, 05 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 06  * Sec. 6. AS 43.56.018(d) is amended to read: 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; and 09 (2) when combined with credits taken during the taxpayer's tax year 10 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 11 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 12  * Sec. 7. AS 43.65.018(d) is amended to read: 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, 43.20.019, AS 43.55.019, 17 AS 43.56.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 18  * Sec. 8. AS 43.75.018(d) is amended to read: 19 (d) A contribution claimed as a credit under this section may not 20 (1) be claimed as a credit under another provision of this title; and 21 (2) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, 21.89.075, AS 43.20.014, 43.20.019, AS 43.55.019, 23 AS 43.56.018, AS 43.65.018, or AS 43.77.045, exceed $150,000. 24  * Sec. 9. AS 43.77.045(c) is amended to read: 25 (c) 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, 43.20.019, AS 43.55.019, 29 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 30  * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 31 read: 01 REVISOR INSTRUCTION. In the event that sec. 28, ch. 46, SLA 2002, is amended 02 to extend the sunset date of that Act, the revisor of statutes shall reconcile that Act with this 03 Act. 04  * Sec. 11. This Act takes effect July 1, 2003.