HB 488: "An Act relating to an insurance tax credit for a gift to a school for math, science, and technology; and providing for an effective date."
00 HOUSE BILL NO. 488 01 "An Act relating to an insurance tax credit for a gift to a school for math, science, and 02 technology; 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. 21.89.077. Insurance tax credit for gifts to a school for the study of 06 math, science, and technology. (a) For cash contributions prequalified under (d) of 07 this section and made for instruction at a school for the study of math, science, and 08 technology, a taxpayer is allowed a credit against the tax due under AS 21.09.210. 09 (b) The amount of the credit allowed to a taxpayer under (a) of this section is 10 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 by a taxpayer as a credit under this section may not 02 (1) be claimed as a credit under more than one provision of this title; 03 (2) when combined with credits taken during the taxpayer's tax year 04 under AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or 05 AS 43.77.045, exceed $150,000; or 06 (3) be claimed as a credit unless the contribution qualifies for the credit 07 under (d) of this section. 08 (d) A taxpayer may not claim a contribution as a credit under (a) of this 09 section unless the taxpayer applies to the director for prequalification of the 10 contribution as a tax credit and receives written notice from the director that the 11 contribution prequalifies for the tax credit described under this section. The director 12 shall allow prequalified tax credits for contributions under this section in the order that 13 the director receives applications by taxpayers and may not provide notice of 14 prequalification if the taxpayer's contribution would cause the total contributions made 15 by all taxpayers during the calendar tax year to exceed $900,000. 16 * Sec. 2. AS 43.20.014(d) is amended to read: 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; 19 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 20 imposed by this chapter; and 21 (3) when combined with credits taken during the taxpayer's tax year 22 under AS 21.89.070, 21.89.075, 21.89.077, AS 43.55.019, AS 43.56.018, 23 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 24 * Sec. 3. AS 43.55.019(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, 21.89.077, AS 43.20.014, AS 43.56.018, 29 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 30 * Sec. 4. AS 43.56.018(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, 21.89.077, AS 43.20.014, AS 43.55.019, 04 AS 43.65.018, AS 43.75.018, or AS 43.77.045, exceed $150,000. 05 * Sec. 5. AS 43.65.018(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, 21.89.077, AS 43.20.014, AS 43.55.019, 10 [AS 43.65.018,] AS 43.75.018, or AS 43.77.045, exceed $150,000. 11 * Sec. 6. AS 43.75.018(d) is amended to read: 12 (d) 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, 21.89.077, AS 43.20.014, AS 43.55.019, 16 AS 43.56.018, [AS 43.75.018,] or AS 43.77.045, exceed $150,000. 17 * Sec. 7. AS 43.77.045(c) is amended to read: 18 (c) A contribution claimed as a credit under this section may not 19 (1) be claimed as a credit under another provision of this title; and 20 (2) when combined with credits taken during the taxpayer's tax year 21 under AS 21.89.070, 21.89.075, 21.89.077, AS 43.20.014, AS 43.55.019, 22 AS 43.56.018, AS 43.65.018, or AS 43.75.018, exceed $150,000. 23 * Sec. 8. This Act takes effect July 1, 2002.