Alaska Tax Credit

How it works...

The Alaska Education Tax Credit Laws and how the Education Tax Credit Works:

If you or your corporation pay any of these taxes to the State of Alaska:

• Alaska Net Income Tax (AS 43.20)
• Oil & Gas Property Tax (AS 43.55) • Oil & Gas Production /Transportation Tax (AS 43.56)
• Fisheries Business Tax (AS 43.75.015)
• Mining License Tax (AS 43.65)
• Insurance Premium Tax (AS 21.09.210)
• Fisheries Landing Tax (AS 43.77.010)

The Law allows you to make a contribution to the University of Alaska Southeast and reduce your state tax bill.

According to Alaska State Statues a taxpayer is allowed a credit for cash contributions to an Alaskan university or university foundation for instruction, research and educational support purposes. The credit can total up to $200,000 in taxes as follows:

• 50% of contributions up to $100,000; and
• 100% of the next $100,000 ($200,000 total)