Did you know, contributing to the University of Alaska can help reduce your tax bill? If you pay any of these taxes listed below, you can claim the Alaska Educational Tax Credit for up to 50% of the first $100,000 of your gift, and up to 100% of the next $100,000 of your donation. Eligible taxes include:
o Alaska State Income Tax
o Insurance Premium Tax
o Title Insurance Premium Tax
o Oil and Gas Property Tax
o Oil and Gas Production Tax
o Fisheries Business Tax
o Fisheries Landing Tax
o Mining License Tax
As an example, suppose in one year your company owes the state of Alaska $200,000 in the taxes listed above, and you make a $200,000 contribution to the University of Alaska. You can then claim a credit against your state tax liability of $150,000 (50% of the first $100,000 plus 100% of the second $100,000 of your gift = $150,000). Each contribution you make to the University of Alaska may be claimed for credit on only one of the state taxes listed. The maximum tax credit which may be claimed in any one tax year is $150,000.
The Bottom Line: You have benefited the University of Alaska with a $200,000 gift and your tax bill has been reduced from $200,000 to only $32,500 (calculated using an assumed marginal tax rate of 35%; the Federal tax savings is decreased by the amount of the state tax deduction lost, times the rate of 35%. For more information, see the
Corporate Foundation webpage at the University of Alaska website).
Beyond the financial benefits you receive, partnering with the University of Alaska brings many other returns on your investment -- the pride that you are helping grow in-state Alaska employees through workforce training, as well as the gratification that comes from knowing your generosity is making a difference in Alaska’s future, impacting the lives of Alaskan students and contributing to the success of higher education in the state.
Being a partner of the University of Alaska will give your company an esteemed standing in the community. And as a corporate partner, you will receive invitations to key University events and recognition in a variety of publications. Additionally, we will report back to you on how your gift was used. You could meet scholarship recipients, or take a tour and see the new equipment your gift helped to purchase. The University of Alaska is experienced in working with our corporate partners and will make it a priority to keep you as informed as you wish to be.
Contact our Development Office for more information: 907-474-2619 or email fygive@uaf.edu.
