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 contributions of cash or equipment to be recognized as eligible for tax credits under various sections of the law, including AS 21.96.070, AS 43.20.014, AS 43.55.019, AS 43.56.018, AS 43.65.018, AS 43.75.018, and AS 43.77.045.

Additionally, the bill raises the cap on the total amount of credits that can be claimed from $3,000,000 to $10,000,000 for both individual taxpayers and affiliated groups. This change aims to encourage greater financial support for educational initiatives in Alaska. The bill is set to take effect on January 1, 2026.

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