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- Alaska Statutes.
- Title 21. Insurance
- Chapter 89. Miscellaneous Provisions
- Section 75. Insurance Tax Credit For Gifts to the Alaska Fire Standards Council.
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AS 21.89.075. Insurance Tax Credit For Gifts to the Alaska Fire Standards Council.
- (a) For cash contributions prequalified under (d) of this section and made for fire services programs to the Alaska Fire
Standards Council established under AS 18.70.330
, a taxpayer is allowed a credit against the tax due under AS 21.09.210
that is imposed on insurance that includes coverage for losses due to fire.
- (b) The amount of the credit allowed to a taxpayer under (a) of this section 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.
- (c) A contribution claimed by a taxpayer as a credit under this section may not
- (1) be claimed as a credit under more than one provision of this title;
- (2) when combined with credits taken during the taxpayer's tax year under AS 21.89.070
, 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; or
- (3) be claimed as a credit unless the contribution qualifies for the credit under (d) of this section.
- (d) A taxpayer may not claim a contribution as a credit under (a) of this section unless the taxpayer applies to the
director for prequalification of the contribution as a tax credit and receives written notice from the director that
the contribution prequalifies for the tax credit described under this section. The director shall allow prequalified
tax credits for contributions under this section in the order that the director receives applications by taxpayers and
may not provide notice of prequalification if the taxpayer's contribution would cause the total contributions made by
all taxpayers during the calendar tax year to exceed $300,000.
- (e) A contribution allowed as a tax credit under this section is not subject to AS 21.09.270 .
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