SB 120: "An Act extending the education tax credits; providing for an effective date by amending the effective date of secs. 1, 2, and 21, ch. 61, SLA 2014; and providing for an effective date."
00 SENATE BILL NO. 120 01 "An Act extending the education tax credits; providing for an effective date by 02 amending the effective date of secs. 1, 2, and 21, ch. 61, SLA 2014; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 21.96.070(b) is amended to read: 06 (b) The amount of the credit is 07 (1) 50 percent of contributions of not more than $100,000; 08 (2) 100 percent of the next $200,000 of contributions; and 09 (3) 50 percent of the amount of contributions that exceed $300,000. 10 * Sec. 2. AS 21.96.070(d) is amended to read: 11 (d) A contribution claimed as a credit under this section may not 12 (1) be the basis for a credit claimed under another provision of this 13 title; and 14 (2) when combined with contributions that are the basis for credits
01 taken during the taxpayer's tax year under AS 43.20.014, AS 43.55.019, 02 AS 43.56.018, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total 03 amount of credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member of 04 an affiliated group, then the total amount of credits may not exceed $5,000,000 05 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 06 meaning given in AS 43.20.145. 07 * Sec. 3. AS 43.20.014(b) is amended to read: 08 (b) The amount of the credit is 09 (1) 50 percent of contributions of not more than $100,000; 10 (2) 100 percent of the next $200,000 of contributions; and 11 (3) 50 percent of the amount of contributions that exceed $300,000. 12 * Sec. 4. AS 43.20.014(d) is amended to read: 13 (d) A contribution claimed as a credit under this section may not 14 (1) be the basis for a credit claimed under another provision of this 15 title; 16 (2) also be allowed as a deduction under 26 U.S.C. 170 against the tax 17 imposed by this chapter; and 18 (3) when combined with contributions that are the basis for credits 19 taken during the taxpayer's tax year under AS 21.96.070, AS 43.55.019, 20 AS 43.56.018, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total 21 amount of credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member of 22 an affiliated group, then the total amount of credits may not exceed $5,000,000 23 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 24 meaning given in AS 43.20.145. 25 * Sec. 5. AS 43.55.019(b) is amended to read: 26 (b) The amount of the credit is 27 (1) 50 percent of contributions of not more than $100,000; 28 (2) 100 percent of the next $200,000 of contributions; and 29 (3) 50 percent of the amount of contributions that exceed $300,000. 30 * Sec. 6. AS 43.55.019(d) is amended to read: 31 (d) A contribution claimed as a credit under this section may not
01 (1) be the basis for a credit claimed under another provision of this 02 title; and 03 (2) when combined with contributions that are the basis for credits 04 taken during the taxpayer's tax year under AS 21.96.070, AS 43.20.014, 05 AS 43.56.018, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total 06 amount of credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member of 07 an affiliated group, then the total amount of credits may not exceed $5,000,000 08 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 09 meaning given in AS 43.20.145. 10 * Sec. 7. AS 43.56.018(b) is amended to read: 11 (b) The amount of the credit is 12 (1) 50 percent of contributions of not more than $100,000; 13 (2) 100 percent of the next $200,000 of contributions; and 14 (3) 50 percent of the amount of contributions that exceed $300,000. 15 * Sec. 8. AS 43.56.018(d) is amended to read: 16 (d) A contribution claimed as a credit under this section may not 17 (1) be the basis for a credit claimed under another provision of this 18 title; and 19 (2) when combined with contributions that are the basis for credits 20 taken during the taxpayer's tax year under AS 21.96.070, AS 43.20.014, 21 AS 43.55.019, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total 22 amount of credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member of 23 an affiliated group, then the total amount of credits may not exceed $5,000,000 24 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 25 meaning given in AS 43.20.145. 26 * Sec. 9. AS 43.65.018(b) is amended to read: 27 (b) The amount of the credit is 28 (1) 50 percent of contributions of not more than $100,000; 29 (2) 100 percent of the next $200,000 of contributions; and 30 (3) 50 percent of the amount of contributions that exceed $300,000. 31 * Sec. 10. AS 43.75.018(d) is amended to read:
01 (d) A contribution claimed as a credit under this section may not 02 (1) be the basis for a credit claimed under another provision of this 03 title; and 04 (2) when combined with contributions that are the basis for credits 05 taken during the taxpayer's tax year under AS 21.96.070, AS 43.20.014, 06 AS 43.55.019, AS 43.56.018, AS 43.65.018, or AS 43.77.045, result in the total 07 amount of the credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member 08 of an affiliated group, then the total amount of credits may not exceed $5,000,000 09 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 10 meaning given in AS 43.20.145. 11 * Sec. 11. AS 43.75.018(b) is amended to read: 12 (b) The amount of the credit is 13 (1) 50 percent of contributions of not more than $100,000; 14 (2) 100 percent of the next $200,000 of contributions; and 15 (3) 50 percent of the amount of contributions that exceed $300,000. 16 * Sec. 12. AS 43.75.018(d) is amended to read: 17 (d) A contribution claimed as a credit under this section may not 18 (1) be the basis for a credit claimed under another provision of this 19 title; and 20 (2) when combined with contributions that are the basis for credits 21 taken during the taxpayer's tax year under AS 21.96.070, AS 43.20.014, 22 AS 43.55.019, AS 43.56.018, AS 43.65.018, or AS 43.77.045, result in the total 23 amount of the credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member 24 of an affiliated group, then the total amount of credits may not exceed $5,000,000 25 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 26 meaning given in AS 43.20.145. 27 * Sec. 13. AS 43.77.045(b) is amended to read: 28 (b) The amount of the credit is 29 (1) 50 percent of contributions of not more than $100,000; 30 (2) 100 percent of the next $200,000 of contributions; and 31 (3) 50 percent of the amount of contributions that exceed $300,000.
01 * Sec. 14. AS 43.77.045(d) is amended to read: 02 (d) A contribution claimed as a credit under this section may not 03 (1) be the basis for a credit claimed under another provision of this 04 title; and 05 (2) when combined with contributions that are the basis for credits 06 taken during the taxpayer's tax year under AS 21.96.070, AS 43.20.014, 07 AS 43.55.019, AS 43.56.018, AS 43.65.018, or AS 43.75.018, result in the total 08 amount of the credits exceeding $5,000,000 [$1,000,000]; if the taxpayer is a member 09 of an affiliated group, then the total amount of credits may not exceed $5,000,000 10 [$1,000,000] for the affiliated group; in this paragraph, "affiliated group" has the 11 meaning given in AS 43.20.145. 12 * Sec. 15. Section 37, ch. 61, SLA 2014, as amended by sec. 40, ch. 101, SLA 2018, is 13 amended to read: 14 Sec. 37. Sections 1, 2, and 21, ch. 61, SLA 2014 [OF THIS ACT] take effect 15 January 1, 2031 [2025]. 16 * Sec. 16. This Act takes effect January 1, 2024.