This bill proposes amendments to existing tax credit laws in Alaska, specifically targeting contributions made to public schools and programs operated by tribal entities or Alaska Native organizations, as well as state-funded literacy programs. New provisions will allow for tax credits for contributions of cash or equipment to these entities, enhancing support for educational initiatives within the state. The bill also raises the cap on total credits that can be claimed from $3,000,000 to $10,000,000, both for individual taxpayers and affiliated groups, thereby increasing the potential financial support for these educational programs.

In addition to the new provisions, the bill clarifies that contributions claimed as credits cannot be used as the basis for credits under other provisions of the tax code, nor can they be deducted against federal taxes. The effective date for these changes is set for January 1, 2026. Overall, the bill aims to strengthen educational funding through increased tax incentives for contributions to public and tribal education programs in Alaska.

Statutes affected:
SB1003A, AM SB 1003, introduced 08/02/2025: 21.96.070, 43.20.014, 43.55.019, 43.56.018, 43.65.018, 43.75.018, 43.77.045, 43.20.145