HB 367-TAX CREDITS FOR EDUCATIONAL CONTRIBUTIONS    CHAIR SEATON announced that the first order of business would be HOUSE BILL NO. 367, "An Act relating to tax credits for cash contributions by taxpayers that are accepted for certain educational purposes and facilities; and providing for an effective date." 8:10:56 AM The committee took an at-ease from 8:10 a.m. to 8:12 a.m. 8:11:53 AM KENDRA KLOSTER, Staff, to Representative Cathy Munoz, Alaska State Legislature, explained the language changes in Version P, which incorporates the committee amendments of the first hearing; alteration of the monetary cap; the affiliated groups; changes requested by Department of Revenue (DOR); and a new fiscal note. 8:14:01 AM CHAIR SEATON moved to adopt CSHB 367, 26-LS1538\P, Bullock, 3/22/10. REPRESENTATIVE MUNOZ removed her previously lodged objection. 8:14:25 AM CHAIR SEATON asked whether the construction of the bill presents any administrative difficulties for DOR. 8:15:00 AM ROBYNN WILSON, Income Audit Manager, Tax Division, said no. 8:15:11 AM REPRESENTATIVE P. WILSON asked whether the tax break will affect the general fund. 8:15:33 AM JOHANNA BALES, Deputy Director, Tax Division, referred to the fiscal note analysis and said that the current participation is not high. Further, she opined that it would be difficult to speculate on what the impact would be if the 16 eligible tax payers all took advantage of the program, which she would not anticipate occurring. 8:17:09 AM REPRESENTATIVE EDGMON inquired whether the garnered funds would be provided to educational institutions. CHAIR SEATON pointed out that the University of Alaska has submitted information that is applicable. 8:18:23 AM REPRESENTATIVE MUNOZ said it is anticipated that the donations will assist funding of the infrastructure at the university. CHAIR SEATON stated his expectation that facilities would be expanded via this incentive, and lead to further employment of Alaskans. He then directed attention to the correspondence from Noah Hanson, dated 3/25/10, page 2, which indicates the donations levels to the university. He noted that there was a jump in 2008 from the petroleum organizations, and speculated that as long as oil prices remain high, this bill will be a good incentive for continued high level contributions. 8:21:12 AM REPRESENTATIVE EDGMON moved to report CSHB 367, 26-LS1538\P, Bullock, 3/22/10, out of committee with individual recommendations and the accompanying fiscal notes. There being no objection, CSHB 367(EDC), was reported from the House Education Standing Committee. 8:21:41 AM The committee took an at-ease from 8:21 a.m. to 8:24 a.m.