CSHB 380(L&C): "An Act relating to contributions to the Alaska Fire Standards Council and to an insurer tax credit for those contributions; and providing for an effective date."
00CS FOR HOUSE BILL NO. 380(L&C) 01 "An Act relating to contributions to the Alaska Fire Standards Council and to 02 an insurer tax credit for those contributions; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 21.89 is amended by adding a new section to read: 05 Sec. 21.89.075. Insurance tax credit for gifts to the Alaska Fire Standards 06 Council. (a) For cash contributions made for fire services programs to the Alaska 07 Fire Standards Council established under AS 18.70.330, a taxpayer is allowed a credit 08 against the tax due under AS 21.09.210 that is imposed on insurance that includes 09 coverage for losses due to fire. 10 (b) The amount of the credit allowed under (a) of this section is the lesser of 11 (1) an amount equal to 12 (A) 50 percent of contributions of not more than $100,000; and 13 (B) 100 percent of the next $100,000 of contributions; or 14 (2) 50 percent of the taxpayer's tax liability under this title.
01 (c) A contribution claimed as a credit under this section may not 02 (1) be claimed as a credit under more than one provision of this title; 03 and 04 (2) when combined with credits taken during the taxpayer's tax year 05 under AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or 06 AS 43.77.045, exceed $150,000. 07 * Sec. 2. AS 37.05.146(b) is amended by adding a new paragraph to read: 08 (6) receipts of the Alaska Fire Standards Council for which a taxpayer 09 is allowed a credit under AS 21.89.075. 10 * Sec. 3. AS 43.20.014(d) is amended to read: 11 (d) A contribution claimed as a credit under this section may not 12 (1) be claimed as a credit under another provision of this title; 13 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 14 imposed by this chapter; and 15 (3) when combined with credits taken during the taxpayer's tax year 16 under AS 21.89.070, 21.89.075, AS 43.55.019, AS 43.56.018, AS 43.65.018, 17 AS 43.75.018, or AS 43.77.045, exceed $150,000. 18 * Sec. 4. AS 43.55.019(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, AS 43.56.018, AS 43.65.018, 23 AS 43.75.018, or AS 43.77.045, exceed $150,000. 24 * Sec. 5. AS 43.56.018(d) is amended to read: 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 43.65.018, 29 AS 43.75.018, or AS 43.77.045, exceed $150,000. 30 * Sec. 6. AS 43.65.018(d) is amended to read: 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 43.65.018, 04 AS 43.75.018, or AS 43.77.045, exceed $150,000. 05 * Sec. 7. AS 43.75.018(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; 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 43.56.018, 10 AS 43.75.018, or AS 43.77.045, exceed $150,000. 11 * Sec. 8. AS 43.77.045(c) is amended to read: 12 (c) A contribution claimed as a credit under this section may not 13 (1) be claimed as a credit under another provision of this title; and 14 (2) when combined with credits taken during the taxpayer's tax year 15 under AS 21.89.070, 21.89.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, 16 AS 43.65.018, or AS 43.75.018, exceed $150,000. 17 * Sec. 9. This Act takes effect July 1, 2000.