The proposed bill, titled the "Power Alaska's Workforce Tax Credit Act," aims to establish a tax credit to promote private investment in career and technical education (CTE) within the state of Alaska. The legislative intent is to enhance the state's workforce by encouraging the construction and maintenance of CTE facilities, infrastructure, and housing for students, thereby expanding educational opportunities more efficiently than relying solely on public funding.

The bill introduces a new section to the Alaska Statutes (AS 43.20.019) that allows taxpayers to claim a credit against their taxes for qualifying expenditures related to CTE, which includes costs for constructing labs, maintaining infrastructure, hiring staff, developing curriculum, and providing student housing. The credit cannot reduce a taxpayer's liability below zero and can be sold or transferred at a reduced rate. Additionally, taxpayers claiming this credit cannot also claim an income tax education credit for the same expenditures. The act will apply to corporations subject to tax under AS 43.20 for tax years beginning after its effective date, which is immediate upon enactment.

Statutes affected:
HB0219A, AM HB 219, introduced 05/07/2025: 43.20.014