SB 241: "An Act relating to a tax credit program for postsecondary colleges or universities; and providing for an effective date."
00SENATE BILL NO. 241 01 "An Act relating to a tax credit program for postsecondary colleges or 02 universities; 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(a) is amended to read: 05 (a) A taxpayer is allowed a credit against the tax due under AS 21.09.210 or 06 AS 21.66.110 for cash contributions for direct instruction, research, and educational 07 support purposes, including library and museum acquisitions, and contributions to 08 endowment, that are accepted by a nonprofit, public or private, Alaska two-year or 09 four-year college or university accredited by a national or regional accreditation 10 association or that are accepted by an Alaska university foundation that supports a 11 university or college that could receive a contribution for which a taxpayer may obtain 12 a credit under this section. The amount of the credit is the lesser of 13 (1) an amount equal to 14 (A) 50 percent of contributions of not more than $100,000; and
01 (B) 100 percent of the next $100,000 of contributions; or 02 (2) 50 percent of the taxpayer's tax liability under this title. 03 * Sec. 2. AS 43.20.014(a) is amended to read: 04 (a) For cash contributions accepted for direct instruction, research, and 05 educational support purposes, including library and museum acquisitions, and 06 contributions to endowment, by an Alaska university foundation or by a nonprofit, 07 public or private, Alaska two-year or four-year college accredited by a national or 08 regional accreditation association, a taxpayer is allowed as a credit against the tax due 09 under this chapter 10 (1) 50 percent of contributions of not more than $100,000; and 11 (2) 100 percent of the next $100,000 of contributions. 12 * Sec. 3. AS 43.55.019(a) is amended to read: 13 (a) For cash contributions accepted for direct instruction, research, and 14 educational support purposes, including library and museum acquisitions, and 15 contributions to endowment, by an Alaska university foundation or by a nonprofit, 16 public or private, Alaska two-year or four-year college accredited by a national or 17 regional accreditation association, a producer of oil or gas is allowed as a credit 18 against the tax due under this chapter 19 (1) 50 percent of contributions of not more than $100,000; and 20 (2) 100 percent of the next $100,000 of contributions. 21 * Sec. 4. AS 43.56.018(a) is amended to read: 22 (a) For cash contributions accepted for direct instruction, research, and 23 educational support purposes, including library and museum acquisitions, and 24 contributions to endowment, by an Alaska university foundation or by a nonprofit, 25 public or private, Alaska two-year or four-year college accredited by a national or 26 regional accreditation association, the owner of property taxable under this chapter is 27 allowed as a credit against the tax due under this chapter 28 (1) 50 percent of contributions of not more than $100,000; and 29 (2) 100 percent of the next $100,000 of contributions. 30 * Sec. 5. AS 43.65.018(a) is amended to read: 31 (a) For cash contributions accepted for direct instruction, research, and
01 educational support purposes, including library and museum acquisitions, and 02 contributions to endowment, by an Alaska university foundation or by a nonprofit 03 public or private, Alaska two-year or four-year college accredited by a national or 04 regional accreditation association, a person engaged in the business of mining in the 05 state is allowed as a credit against the tax due under this chapter 06 (1) 50 percent of contributions of not more than $100,000; and 07 (2) 100 percent of the next $100,000 of contributions. 08 * Sec. 6. AS 43.75.018(a) is amended to read: 09 (a) For cash contributions accepted for direct instruction, research, and 10 educational support purposes, including library and museum acquisitions and 11 contributions to endowment, by an Alaska university foundation or by a nonprofit, 12 public or private, Alaska two-year or four-year college accredited by a national or 13 regional accreditation association, a person engaged in a fisheries business is allowed 14 as a credit against the tax due under this chapter 15 (1) 50 percent of contributions of not more than $100,000; and 16 (2) 100 percent of the next $100,000 of contributions. 17 * Sec. 7. AS 43.77.045(a) is amended to read: 18 (a) In addition to the credit allowed under AS 43.77.040, for cash contributions 19 accepted for direct instruction, research, and educational support purposes, including 20 library and museum acquisitions and contributions to endowment, by an Alaska 21 university foundation or by a nonprofit, public or private, Alaska two-year or four-year 22 college accredited by a national or regional accreditation association, a person 23 engaged in a floating fisheries business is allowed as a credit against the tax due under 24 this chapter 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 * Sec. 8. This Act takes effect July 1, 1998.