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Reduce Your Alaska State Taxes
Education Tax Credit
Gifts to the University of Alaska can reduce your state taxes. Taxpayers who pay any of the following taxes to the State of Alaska are eligible to claim a credit on their state tax for a portion of cash contributions made to the University of Alaska.
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Alaska Income Tax (AS 43.20) |
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Oil and Gas Property Tax (AS 43.55) |
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Oil and Gas Production and Transportation Tax (AS 43.56) |
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Fisheries Business Tax (AS 43.75.015) |
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Fisheries Landing Tax (AS 43.77.010) |
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Mining License Tax (AS 43.65) |
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Insurance Premium Tax/Title Insurance Premium Tax (AS 21.89.070) |
How the Education Tax Credit Works
The Alaska Higher Education Tax Credit provides an opportunity to make a cash
contribution to the University of Alaska and claim a tax credit for up to 50% of
the first $100,000 of your gift and 100% of the next $100,000 of your gift. Additionally, the gift qualifies for a federal tax credit for charitable contributions. The federal tax savings for a charitable contribution is calculated using an assumed marginal tax rate of 35%. The result is that a $200,000 annual gift is eligible for a tax credit of $167,500.
Since some of these taxes are paid monthly, the Department of Revenue regulations and instructions will provide you with information as to how you may allocate a pro rata share of the annual credit to your monthly tax payments made to the
state.
Please note that each contribution you make to the University of Alaska may
be claimed for credit on only one of the state taxes listed above. Your accountant
or attorney can help you decide under which tax you should claim your education
contribution credit to provide you with the greatest benefit. The maximum state
credit which may be claimed by a taxpayer in any tax year is $150,000.
What Kinds of Contributions Are Eligible?
To be eligible for a state educational tax credit, your contributions to the University of Alaska must be in the form of cash.
How Do I Claim the Credit?
You should discuss this law with your accountant and ask that your state tax forms be filled out to claim the credit. Alternatively, you may seek assistance from the State of Alaska Department of Revenue on claiming the credit.
Why Give to the University of Alaska?
Private support of the University of Alaska provides a margin of excellence.
Private donations ensure that UA continues to be an outstanding community
resource and enhances the Alaskan quality of life. The generosity of private
donors creates opportunities for teaching, learning and services that would
not otherwise be possible.
The State of Alaska provides core funding, but other sources are essential to meet increasing academic demands; it is private contributions that ultimately determine greatness. Partnerships between the University and the private sector build the quality and prestige of Alaska’s largest University.
The University of Alaska Foundation
Your gift to the University will be accepted and managed by the University
of Alaska Foundation and used as you specify. Your gift will be invested in
accordance with the Foundation’s investment policies as established by the Board
of Trustees.
The University of Alaska Foundation is a private nonprofit corporation established in 1974 to solicit, manage and invest donations for the exclusive benefit of the University of Alaska. The Foundation is a tax-exempt organization as described in Subsection 501 (c) (3) of the Internal Revenue Code and donations made to the Foundation are deductible according to schedules established under income and estate tax regulations.
The Foundation is not engaged in rendering legal or tax advisory services. For
advice and assistance in specific cases, the services of an attorney or other
professional advisor should be obtained. The purpose of this publication is to
provide general information only.
How Do I Make My Gift to Support the University of Alaska?
You may contact the Development/Advancement Offices at each campus.
UAA Development and Advancement Offices
UAF Office of Development
UAS Office of Advancement Services
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Further information about the University of Alaska Foundation Corporate and Foundation Relations can be obtained by writing to the University of Alaska Foundation, PO Box 755080, Fairbanks, AK 99775, or by calling
(907) 450-8030. |
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