Section 43.56.018 - [Repealed Effective 1/1/2029] Property tax education credit(a) The owner of property taxable under this chapter is allowed a credit against the tax due under this chapter for (1) contributions of cash or equipment accepted 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 national or regional accreditation association;(2) contributions of cash or equipment accepted for secondary school level vocational education courses, programs, and facilities by a school district in the state;(3) contributions of cash or equipment accepted for vocational education courses, programs, and facilities by a state-operated vocational technical education and training school;(4) contributions of cash or equipment accepted for a facility by a nonprofit, public or private, Alaska two-year or four-year college accredited by a national or regional accreditation association;(5) contributions of cash or equipment accepted 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;(6) contributions of cash or equipment accepted 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; (7) contributions of cash or equipment accepted for the Alaska higher education investment fund under AS 37.14.750;(8)[Multiple Versions]
contributions of cash or equipment accepted for the operation of a nonprofit educational resource center that supports academic achievement in grades nine through 12 by coordinating curricula and statewide competition in the subject areas of economics, science, social science, literature, music, art, mathematics, writing, speech, and interview skills and by providing student scholarships;(8)[Multiple Versions]
expenditures made to operate a child care facility in the state for the children of the property owner's employees;(9) contributions of cash or equipment accepted by a child care facility in the state operated by a nonprofit corporation and attended by one or more children of the property owner's employees; and(10) a payment to an employee of the property owner made by the owner for the purpose of offsetting the employee's child care costs incurred in the state.(b) The amount of the credit is 50 percent of contributions.(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, AS 43.20.014, AS 43.55.019, AS 43.65.018, AS 43.75.018, or AS 43.77.045, result in the total amount of credits exceeding $3,000,000 ; if the taxpayer is a member of an affiliated group, then the total amount of credits may not exceed $3,000,000 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 this chapter 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) To qualify for a credit under this section, equipment must be appraised consistent with regulations adopted by the department to determine the value of the contribution for purposes of this section.(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.(h) Beginning January 1, 2030, and every five years thereafter, the department shall adjust the dollar limit on credits under (d) of this section for inflation, using 100 percent of the change over the preceding five calendar years in the Consumer Price Index for all urban consumers for urban Alaska, compiled by the Bureau of Labor Statistics, United States Department of Labor.Amended by SLA 2024, ch. 15,sec. 50, eff. 7/23/2024.Amended by SLA 2024, ch. 15,sec. 17, eff. 7/23/2024.Amended by SLA 2024, ch. 15,sec. 16, eff. 7/23/2024.Amended by SLA 2024, ch. 15,sec. 15, eff. 7/23/2024.Amended by SLA 2024, ch. 4,sec. 30, eff. 6/27/2024.Amended by SLA 2024, ch. 4,sec. 21, eff. 6/27/2024.Amended by SLA 2024, ch. 4,sec. 20, eff. 6/27/2024.Amended by SLA 2018, ch. 101,sec.16, eff. 1/1/2019 and sec. 18 eff. 1/1/2021.Amended by SLA 2018, ch. 101,sec.37, sec.40, eff. 9/5/2018 and sec.17, sec.19, sec.20 eff. 1/1/2019.Amended by SLA 2014, ch. 61,sec. 26, eff. 7/7/2014.Repealed by SLA 2014, ch. 61,sec. 21, eff. 12/31/2018 but later changed to 1/1/2029.Amended by SLA 2012, ch. 74,sec. 19, eff. 1/1/2021.Amended by SLA 2012, ch. 74,sec. 18, eff. 9/25/2012.Amended by SLA 2012, ch. 6,sec. 9, eff. 3/24/2012.Amended by SLA 2011sp1, ch. 7,sec. 14, eff. 1/1/2021.Amended by SLA 2011sp1, ch. 7,sec.8, sec.15 eff. 7/23/2011.