Section 21.96.070. Insurance tax education credit.

   (a) A taxpayer is allowed a credit against the tax due under AS 21.09.210 or AS 21.66.110 for cash contributions accepted
        (1) for direct instruction, research, and educational support purposes, including library and museum acquisitions, and contributions to endowment, by an Alaska university foundation or by a nonprofit, public or private, Alaska two-year or four-year college accredited by a regional accreditation association;
        (2) for secondary school level vocational education courses, programs, and facilities by a school district in the state;
        (3) for vocational education courses, programs, and facilities by a state-operated vocational technical education and training school;
        (4) for a facility or an annual intercollegiate sports tournament by a nonprofit, public or private, Alaska two-year or four-year college accredited by a regional accreditation association;
        (5) for Alaska Native cultural or heritage programs and educational support, including mentoring and tutoring, provided by a nonprofit agency for public school staff and for students who are in grades kindergarten through 12 in the state; and
        (6) for education, research, rehabilitation, and facilities by an institution that is located in the state and that qualifies as a coastal ecosystem learning center under the Coastal America Partnership established by the federal government.
   (b) The amount of the credit is an amount equal to
        (1) 50 percent of contributions of not more than $100,000;
        (2) 100 percent of the next $200,000 of contributions; and
        (3) 50 percent of the amount of contributions that exceed $300,000.
   (c) Each public college and university shall include in its annual operating budget request contributions received and how the contributions were used.
   (d) A contribution claimed as a credit under this section may not
        (1) be the basis for a credit claimed under more than one provision of this title; and
        (2) when combined with contributions that are the basis for credits taken during the taxpayer's tax year under AS 21.96.075, AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total amount of credits exceeding $5,000,000; if the taxpayer is a member of an affiliated group, then the total amount of credits may not exceed $5,000,000 for the affiliated group; in this paragraph, "affiliated group" has the meaning given in AS 43.20.145.
   (e) The credit under this section may not reduce a person's tax liability under AS 21.09.210 or AS 21.66.110 to below zero for any tax year. An unused credit or portion of a credit not used under this section for a tax year may not be sold, traded, transferred, or applied in a subsequent tax year.
   (f) In this section,
        (1) "school district" means a borough school district, a city school district, a regional educational attendance area, or a state boarding school;
        (2) "vocational education" has the meaning given in AS 43.20.014.

Authorities

21.06.110;21.09.210;21.66.110;21.96.075;43.20.014;43.55.019;43.56.018;43.65.018;43.75.018;43.77.045

Notes

Recent Bills that will modify this

HB 203 EDUCATION TAX CREDITS

References

AS 21.06.110 Director's annual report.
AS 21.09.210 Tax on insurers.
AS 21.66.110 Annual tax on title insurance premiums.
AS 21.96.075 Insurance tax credit for gifts to the Alaska Fire Standards Council.
AS 43.20.014 Income tax education credit.
AS 43.55.019 Oil or gas producer education credit.
AS 43.56.018 Property tax education credit.
AS 43.65.018 Mining business education credit.
AS 43.75.018 Fisheries business education credit.
AS 43.77.045 Fisheries resource landing tax education credit.

History

(Sec. 3 ch 21 SLA 1994; am Sec. 10 ch 126 SLA 1994; am Sec. 15 ch 81 SLA 1996; am Sec. 1, 2 ch 46 SLA 2002; am Sec. 12 ch 38 SLA 2007; am Sec. 1 ch 48 SLA 2008; am Sec. 2, 4, 6, 8 ch 92 SLA 2010; am Sec. 22 ch 8 SLA 2011; am Sec. 5 ch 7 FSSLA 2011)