SB 237: "An Act establishing a corporate income tax credit for certain expenditures on child care services, utility rates, residential housing, and food security and availability; and providing for an effective date."
00 SENATE BILL NO. 237 01 "An Act establishing a corporate income tax credit for certain expenditures on child 02 care services, utility rates, residential housing, and food security and availability; and 03 providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 43.20 is amended by adding a new section to read: 06 Sec. 43.20.022. Alaska affordability tax credit. (a) A taxpayer is allowed a 07 credit against the tax due under this chapter for actual qualifying expenditures for 08 (1) employer-provided child care or qualified child care expenses paid by the 09 employee and reimbursed by the taxpayer; 10 (2) taxpayer contributions that reduce residential heating or electricity utility 11 rates in the state; 12 (3) taxpayer contributions that reduce residential mortgage rates or reduce the 13 costs of constructing energy efficient residential housing in the state; and 14 (4) taxpayer contributions that improve food security and affordability.
01 (b) The amount of the credit is 50 percent of the amount of actual qualifying 02 expenditures under (a) of this section. 03 (c) A contribution claimed as a credit under this section may not 04 (1) be the basis for a credit claimed under another provision of this 05 title; or 06 (2) also be allowed as a deduction under 26 U.S.C. against the tax 07 imposed by this chapter. 08 (d) The credit under this section may not reduce a person's tax liability under 09 this chapter by more than 50 percent for any tax year. An unused credit or portion of a 10 credit not used under this section for a tax year may not be sold, traded, transferred, or 11 applied in a prior or subsequent tax year. 12 (e) The department shall adopt regulations to implement this section, including 13 regulations that define "qualifying expenditures" for the purpose of this section. 14 * Sec. 2. This Act takes effect January 1, 2025.