Many corporate donors take advantage the Alaska Higher Education Tax Credit Program, which 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 below. 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.

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.

•    Alaska Income Tax (AS 43.20)
•    Oil and Gas Property Tax (AS 43.55)
•    Oil and Gas Production and Transportation Tax (AS 43.56)
•    Fisheries Business Tax (AS 43.75.015)
•    Fisheries Landing Tax (AS 43.77.010)
•    Mining License Tax (AS 43.65)
•    Insurance Premium Tax/Title Insurance Premium Tax (AS 21.89.070)

To be eligible for a state educational tax credit, your contributions to the University of Alaska must be in the form of cash.  You should also 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

For more information, please contact Acting Director of Development Emily Drygas at 907-474-6631 or via e-mail at emily.drygas@uaf.edu.

2008 was indeed an exciting year -- for UAF, Alaska, the nation and beyond. Sometimes that excitement was less than welcome, as has certainly been the case with our nation's economy. UAF has not been immune, and in light of the governor's FY2010 budget proposal to the legislature, here is an outline of the impacts on Alaska's first university. Read the full text of the Chancellor's letter to the community...