AK HB333

Establishes a corporate income tax credit equal to 50 percent of qualifying expenditures for employer-provided child care, utility rate reductions, residential housing costs, and food security improvements.

Limits the credit to prevent reduction of tax liability by more than 50 percent in any tax year, and prohibits carryover of unused credits to other tax years.

Prevents double-dipping by prohibiting the same contribution from being claimed under another tax credit provision or as a federal deduction under 26 U.S.C.

Requires the department to adopt regulations defining "qualifying expenditures" for purposes of implementing the credit.

Takes effect January 1, 2025.