ÐßÐßÊÓƵEducation Tax Credit
The ÐßÐßÊÓƵEducation Tax Credit (ETC) program, administered by the Department of Revenue, gives tax credits (50% of the contribution) to third party entities that make charitable donations (of either cash or equipment) for the purpose of education in the state. The program empowers ÐßÐßÊÓƵto maintain a highly effective partnership between businesses and the University of Alaska, directly benefiting Alaska’s workforce needs and fueling the economy.
The ÐßÐßÊÓƵEducation Tax Credit (ETC) program, administered by the Department of Revenue, In 2024, Governor Mike Dunleavy signed House Bill 148, which increased the combined ETC cap to $3 million and extended the program through Dec. 31, 2028. The $3 million tax cap, according to the Department of Revenue, applies to all donations made on or after June 27, 2024. (Note, the $1 million tax cap applies to donations made prior to the June 27, 2024 signed legislation).
Businesses paying any of the following taxes can receive a 50% credit against their tax obligation during the calendar year a gift is given. Contributions to UA for direct instruction, educational support, facilities, and research are eligible to utilize the ETC. The credit can be applied on the following ÐßÐßÊÓƵstate taxes:
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