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- Alaska Statutes.
- Title 21. Insurance
- Chapter 89. Miscellaneous Provisions
- Section 70. Insurance Tax Credit For Gifts to Colleges.
previous: Section 60
. Medicare Supplemental Insurance.
next: Section 71
. Insurance Tax Credit For Gifts to Alaska Veterans' Memorial Endowment Fund. [Repealed, Sec. 25 Ch. 46 SLA 2002].
AS 21.89.070. Insurance Tax Credit For Gifts to Colleges.
- (a) A taxpayer is allowed a credit against the tax due under AS 21.09.210 or AS 21.66.110
for cash contributions for direct instruction, research, and educational support purposes, including library and
museum acquisitions, and contributions to endowment, that are accepted by a nonprofit, public or private, Alaska
two-year or four-year college or university accredited by a regional accreditation association or that are accepted by
an Alaska university foundation that supports a university or college that could receive a contribution for which a
taxpayer may obtain a credit under this section. The amount of the credit is the lesser of
- (1) an amount equal to
- (A) 50 percent of contributions of not more than $100,000; and
- (B) 100 percent of the next $100,000 of contributions; or
- (2) 50 percent of the taxpayer's tax liability under this title.
- (b) Each public college and university shall include in its annual operating budget request contributions received and how
the contributions were used.
- (c) A contribution claimed as a credit under this section may not
- (1) be claimed as a credit under more than one provision of this title; and
- (2) when combined with credits taken during the taxpayer's tax year under AS 21.89.075
, 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
, exceed $150,000.
- (d) A contribution allowed as a tax credit under this section is not subject to AS 21.09.270 .
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