The proposed bill, titled the "Power Alaska's Workforce Tax Credit Act," aims to promote private investment in career and technical education (CTE) within the state of Alaska. It establishes a tax credit for taxpayers who incur qualifying expenditures related to CTE, which includes costs associated with constructing and maintaining educational facilities, administration, staffing, curriculum development, and student housing. The intent of the legislation is to enhance educational and training opportunities for students by leveraging private industry resources, thereby expanding access to CTE facilities that may not be available through public funding alone.

The bill outlines specific provisions regarding the tax credit, stating that it cannot reduce a taxpayer's liability below zero and allows for the sale, trade, or transfer of unused credits at a reduced application rate. Additionally, it clarifies that taxpayers cannot claim both this CTE credit and an income tax education credit for the same expenditure. The legislation is applicable to corporations subject to tax under AS 43.20 for tax years beginning after the bill's effective date, which is immediate upon enactment.

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