Section 43.55.019. Oil or gas producer education credit.

   (a) A producer of oil or gas is allowed a credit against the tax levied by AS 43.55.011(e) for cash contributions accepted for
        (1) 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) secondary school level vocational education courses, programs, and facilities by a school district in the state;
        (3) vocational education courses, programs, equipment, and facilities by a state-operated vocational technical education and training school, a nonprofit regional training center recognized by the Department of Labor and Workforce Development, and an apprenticeship program in the state that is registered with the United States Department of Labor under 29 U.S.C. 50 - 50b (National Apprenticeship Act);
        (4) 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) 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;
        (6) 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; and
        (7) the Alaska higher education investment fund under AS 37.14.750.
   (b) The amount of the credit is
        (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 another 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 21.96.070, 21.96.075, AS 43.20.014, 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 43.55.011(e) 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) The department may, by regulation, establish procedures by which a taxpayer may allocate a pro rata share of a credit claimed under this section against monthly tax payments made during the tax year.
   (g) In this section,
        (1) "school district" has the meaning given in AS 43.20.014;
        (2) "vocational education" has the meaning given in AS 43.20.014.

Authorities

21.96.070;21.96.075;43.05.010;43.20.014;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

15 AAC 55.375
AS 21.96.070 Insurance tax education credit.
AS 21.96.075 Insurance tax credit for gifts to the Alaska Fire Standards Council.
AS 43.05.010 Duties of commissioner.
AS 43.20.014 Income tax 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. 4 ch 58 SLA 1987; am Sec. 49 ch 21 SLA 1991; am Sec. 4, 5, 12 ch 71 SLA 1991; am Sec. 5 ch 21 SLA 1994; am Sec. 18 ch 126 SLA 1994; am Sec. 17 ch 81 SLA 1996; am Sec. 4 ch 86 SLA 2000; am Sec. 10, 11 ch 46 SLA 2002; am Sec. 3 ch 48 SLA 2008; am Sec. 20, 22, 24, 26 ch 92 SLA 2010; am Sec. 7 ch 7 FSSLA 2011; am Sec. 8 ch 6 SLA 2012; am Sec. 16 ch 74 SLA 2012; am Sec. 48, 50 ch 14 SLA 2014)