15 AAC 77.050. Credit for community development quota contributions

(a) A person who made a contribution to a nonprofit corporation incorporated in the state that qualifies for the credit authorized by AS 43.77.040 must apply to the department no later than January 31 of the year following the year of the contribution for authority to take the credit on the tax return. A person that fails to file a timely and complete application with the department as required by this section waives the credit.

(b) The application must be made on the form provided by the department. The application shall contain the following:

(1) the person's name, federal employer identification number or social security number, telephone number, and mailing address;

(2) the name of the nonprofit corporation receiving the contribution;

(3) the amount of the contribution and a receipt from the nonprofit corporation for the amount of the contribution;

(4) a statement from the nonprofit corporation specifying how the contribution will be used and an agreement by the nonprofit corporation to allow the department audit all of its accounts relating to the contribution;

(5) documentation regarding the authority of the person to harvest under a community development quota;

(6) the fishery resources, by unprocessed weight and species, harvested under the community development quota;

(7) a statement that the contribution to the nonprofit entity was expressly conditioned upon its use exclusively for one or more of the purposes authorized by AS 43.77.040 ; and

(8) other material required on the form.

(c) The department shall approve or disapprove an application to take the credit within 30 days of receipt of a timely and complete application. A person may consider the application tentatively approved and tentatively take the credit on the tax return if the department does not disapprove the application within the 30-day period and before the filing of the tax return.

(d) A contribution that qualifies for the credit is a cash contribution. A contribution made in-kind or of services, or both, does not quality for the credit.

(e) A contribution allowed as a credit may not be claimed as a credit or deduction under any other provision of AS 43.

History: Eff. 4/20/94, Register 130

Authority: AS 43.77.040

AS 43.77.070

AS 43.77.200

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