Sectional Analysis for House Bill 21

Section 1: Purpose statement. Describes which state taxes credits may be applied against for contributions to the Alaska public broadcasting trust fund established to benefit public broadcast stations.

Section 2: Extends tax credits for public broadcasting from the insurance premium tax and the tax on title insurance premiums. Increases the maximum credits under the insurance premium tax and the tax on title insurance premiums to $300,000 or 50% of the taxpayer's tax liability. This is a new credit. This section also sunsets the public broadcast provisions on December 31, 2002, and reduces the contribution to $200,000 after that date to universities, libraries and museums.

Section 3: Explains that contributions claimed as a credit under AS 21.89.070 may not exceed $300,000 through December 31, 2002, may not exceed $150,000 after that date and may not be claimed as a credit under more than one provision of this title. Also explains that a credit may not be allowed as a deduction against the tax imposed by this title or as a deduction against a tax imposed by AS 43.

Section 4: Establishes the Alaska Public Broadcasting Trust Fund under AS 37.14 to include the powers and duties of the commissioner, administration of the fund, powers and duties of the Public Broadcast Commission and uses of the fund.

Section 5: Extends tax credits for public broadcasting from the Alaska Net Income Tax program (AS 43.20). Increases the contributions to $300,000 for all programs eligible to receive these contributions. This section also sunsets the public broadcast provisions on December 31, 2002, and reduces the contribution to $200,000 after that date to universities, libraries and museums.

Section 6: Explains that contributions claimed as a credit under AS 43.20.014 may not exceed $300,000, may not be claimed as a deduction against the tax imposed under this chapter and may not be claimed as a credit under more than one provision of this title. The credits through December 31, 2002, may not exceed $300,000 and after that date, may not exceed $150,000.

Section 7: Extends tax credits for public broadcasting from the Oil and Gas Properties Production Tax program (AS 43.55). Allows for contributions up to $300,000 to the public broadcast trust fund. This section also sunsets the public broadcast provisions on December 31, 2002, and reduces the contribution to $200,000 after that date to universities, libraries and museums.

Section 8: Explains that contributions claimed as a credit under AS 43.55.019 may not exceed $300,000, may not be allowed as a deduction against the tax imposed by this chapter or as a deduction against another tax imposed by this title and may not be claimed as a credit under more than one provision of this title. The credits through December 31, 2002, may not exceed $300,000 and after that date, may not exceed $150,000.

Section 9: Extends tax credits for contributions to the public broadcasting trust fund from the Oil and Gas Exploration, Production and Pipeline Transportation Property Tax program (AS 43.56). Allows for contributions up to $300,000 to the public broadcast trust fund. This section also sunsets the public broadcast provisions on December 31, 2002, and reduces the contribution to $200,000 after that date to universities, libraries and museums.

Section 10: Explains that contributions claimed as a credit under AS 43.56.018 may not exceed $300,000, may not be allowed as a deduction against the tax imposed by this chapter or as a deduction against another tax imposed by this title and may not be claimed as a credit under more than one provision of this title. The credits through December 31, 2002, may not exceed $300,000 and after that date, may not exceed $150,000.

Section 11: Extends tax credits to the public broadcast trust fund from the Mining License Tax program (AS 43.65). Allows contributions up to $300,000 to the public broadcast trust fund. This section also sunsets the public broadcast provisions on December 31, 2002, and reduces the contribution to $200,000 after that date to universities, libraries and museums.

Section 12: Explains that contributions claimed as a credit under AS 43.65.018 may not exceed $300,000, may not be allowed as a deduction against the tax imposed by this chapter or as a deduction against another tax imposed by this title and may not be claimed as a credit under more than one provision of this title. The credits through December 31, 2002, may not exceed $300,000 and after that date, may not exceed $150,000.

Section 13: Describes the duties of the Alaska Public Broadcast Commission in relation to the newly established public broadcast trust fund.

Section 14: Clarifies tax year application.

Section 15: Effective date of January 1, 1998.