Legislature(2023 - 2024)BELTZ 105 (TSBldg)
05/03/2023 03:30 PM Senate EDUCATION
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| Audio | Topic |
|---|---|
| Start | |
| Confirmation Hearing(s) | |
| SB132 | |
| SB136 | |
| SB120 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | SB 136 | TELECONFERENCED | |
| += | SB 132 | TELECONFERENCED | |
| += | SB 120 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
SB 120-EXTEND EDUCATION TAX CREDITS
4:18:55 PM
CHAIR TOBIN announced the consideration of SENATE BILL NO. 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."
CHAIR TOBIN noted that this was the second hearing and there was
a committee substitute (CS) for the committee to consider.
4:19:10 PM
SENATOR GRAY-JACKSON moved to adopt the committee substitute
(CS) for SB 120, work order 33-LS0650\B, as the working
document.
4:19:21 PM
CHAIR TOBIN objected for the purpose of hearing Mr. Mason review
the summary of changes between version A and version B of SB
120.
4:19:30 PM
MICHAEL MASON, Staff, Senator Löki Tobin, Alaska State
Legislature, Juneau, Alaska, reviewed the following summary of
changes from version A to version B of SB 120:
Summary of Changes: Version A to Version B
Section 1 Amends AS 21.96.070(a), which is the
statute that governs the insurance tax credit, to add
the word "for" to the end of the sentence. This
addition was recommended by Legislative Legal to
clarify that the tax credits are allowed for
contributions accepted by the entities identified in
subsections 1 through 7.
Version B adds a new subsection 7 stipulating that
contributions subject to the education tax credit can
be used for "the operation of a nonprofit organization
dedicated to promoting statewide academic achievement,
including for student scholarships, in an
interdisciplinary curriculum in the subject areas of
economics, science, social science, literature, music,
art, math, writing, speech and interview skills.
Section 4 Amends AS 43.20.014(a), which is the
statute that governs the income tax education credit,
to add a new subsection 13 that includes language
identical to the new subsection 7 in Section 1
allowing contributions subject to the education tax
credit to be used by the specified nonprofit
organizations.
Section 7 Amends AS 43.55.019(a), which is the
statute governing the oil or gas producer education
credit, with the identical language allowing
contributions subject to the education tax credit to
be used by the specified nonprofit organizations. 2
Section 10 Amends AS 43.56.018(a), which is the
statute governing the property tax education credit,
with the identical language related to nonprofit
organizations inserted into earlier sections.
Section 13 Amends AS 43.56.018(a), which is the
statute governing mining business education credits,
to insert a new subsection 13 that includes identical
language allowing nonprofit organizations to benefit
from donations through the education tax credit
program.
Section 16 Amends AS 43.75.018(a), which is the
statute governing fisheries business education
credits, to add a new subsection 13 with identical
language authorizing contributions to the specified
nonprofit organizations.
Section 19 Amends AS 43.77.045(a), which is the
fisheries resource landing tax education credits, to
add a new subsection 13 with the identical language
related to nonprofit organizations inserted into the
earlier sections of version B of Senate Bill 120.
4:21:30 PM
CHAIR TOBIN asked why the new subsection (a)(7) was added in
Section 1.
MR. MASON explained that some entities want to take advantage of
the education tax credit but are not explicitly authorized to do
so. Subsection (a)(7) makes it possible for additional entities,
such as the Alaska Academic Decathlon, to receive contributions
through the education tax credit and the contributing entity can
take the tax credit. He deferred further details to Senator
Kiehl.
4:22:41 PM
SENATOR KIEHL responded that the CS adds the Alaska Academic
Decathlon and many other excellent organizations to the
significant list of entities that can be supported with
education tax credits.
MR. MASON confirmed that corporations and other entities would
like to support the Alaska Academic Decathlon and other
programs, but are wary of becoming involved when those entities
aren't spelled out in statute.
4:24:31 PM
CHAIR TOBIN removed her objection. She found no further
objection and version B of SB 120 was adopted.
4:25:00 PM
CHAIR TOBIN found no further questions or comments and solicited
a motion.
4:25:01 PM
SENATOR GRAY-JACKSON moved to report the CS for SB 120, work
order 33-LS0650\B, from committee with individual
recommendations and attached fiscal note(s).
4:25:14 PM
CHAIR TOBIN found no objection and CSSB 120(EDC) was reported
from the Senate Education Standing Committee.