AK HB364

Allows a tax credit against net income tax for cash contributions to qualifying nonprofit organizations that provide emergency shelters for homeless individuals or alcohol and drug detoxification facilities, or both.

Credit amount equals the lesser of 50 percent of the cash contribution or $200,000 per taxpayer.

Nonprofit organizations must be in existence as of January 1, 2012, and qualify for exemption under 26 U.S.C. 501(c)(3) to be eligible recipients.

Department of Revenue must develop procedures for taxpayer requests for preliminary determination of credit eligibility, with binding determinations unless material misrepresentation is found.

Commissioner must report annually by January 1 to the legislature on total contributions by category and total credits claimed during the previous calendar year; credit expires January 1, 2018.