Investments in NYO are eligible for the Alaska Education Tax Credit program, which provides eligible businesses with a tac credit worth 50 percent of the investment, up to $1 million.
The Education Tax Credit was established in 1987 to encourage Alaska businesses to invest in Alaska’s educational institutions. The credit is a partnership that provides mutual benefit for industry, education programs, and the State of Alaska. If a business owes the State of Alaska a tax liability and it contributes to a qualified educational institution, it may be eligible for a credit against state taxes.
These taxes include:
- Corporate Income Tax
- Fisheries Business Tax
- Fishery Resource Landing Tax
- Insurance Premium/Title Tax
- Mining License Tax
- Oil and Gas Production Tax
- Oil and Gas Property Tax
The Education Tax Credit provides a significant public benefit for Alaska by incentivizing private companies to invest in education. This strengthens partnership opportunities with important state industries including seafood, mining, banking, tourism and energy.
The credit pairs the needs of the private sector with the work of educational institutions, enhancing workforce development, funding research, and providing Cook Inlet Tribal Council education programming with diverse sources of revenue.
Learn more here.
