AK HB367

Expands tax credit eligibility to include cash contributions for facilities at Alaska two-year and four-year colleges accredited by regional accreditation associations, in addition to existing criteria for direct instruction, research, educational support, and vocational education programs.

Modifies credit calculation structure to provide 50% credit on contributions up to $100,000, 100% credit on the next $100,000, and 50% credit on amounts exceeding $200,000 (replacing the prior structure that capped credits at 50% of tax liability).

Increases aggregate credit limit from $150,000 to $5,000,000 per taxpayer per tax year, with the same $5,000,000 cap applied to affiliated groups across multiple education-related tax credit provisions.

Requires the Department of Revenue to report annually to the legislature on total contributions reported and total credits claimed under all applicable education credit statutes.

Effective date: January 1, 2011.