Alaska Education Tax Credit Extended and Amended

The State of Alaska passed HB 233 on September 5, which extended the Alaska Education Credit. The Alaska Education Credit, which allows businesses to donate to educational institutions and programs in return for substantial tax credits, was set to expire at the end of 2018. HB 233 extends the credit through 2024.

Key changes to the Alaska Education Credit include an adjustment to the rate at which the credits are earned including a phase-in provision, a reduced annual credit cap, and an expansion of eligible donation types.

The tax team at the BDO Anchorage office is ready to help you determine how you can continue to take advantage of the credit, or begin using it. Please contact us if you would like to discuss the opportunities associated with the extension of the Alaska Education Tax Credit.
 

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Kevin Van Nortwick Tax Office Managing Partner		Chad Estes Tax Partner
Zac Rankin Tax Senior Manager

from BDO USA Tax Publications Feed https://www.bdo.com/insights/tax/state-and-local-tax/alaska-education-tax-credit-extended-and-amended