The proposed bill, titled the "Power Alaska's Workforce Tax Credit Act," aims to establish a tax credit for private investments in career and technical education (CTE) within the state of Alaska. The legislation emphasizes the importance of enhancing the state's workforce by encouraging private sector contributions towards the development of CTE infrastructure, instruction, and student housing. The intent is to provide students with access to educational facilities and training opportunities that may not be available through public funding alone.

The bill introduces a new section to the Alaska Statutes (AS 43.20.019) that allows taxpayers to claim a credit against their tax liabilities for qualifying expenditures related to CTE. These expenditures include costs for constructing or maintaining CTE facilities, administration, staffing, curriculum development, and student housing. The legislation stipulates that the credit cannot reduce a taxpayer's liability below zero and allows for the sale, trade, or transfer of unused credits at a reduced rate. Additionally, it clarifies that taxpayers cannot claim both this CTE credit and an income tax education credit for the same expenditure. The act is set to take effect immediately for tax years beginning after its enactment.

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