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Governor’s Tax Credit Legislation Fosters Economic Development

January 24, 2011, Juneau, Alaska – Governor Sean Parnell today submitted four pieces of legislation to encourage increased investment in Alaska’s resource development and create job opportunities for Alaskans.

“We continue to focus on legislation that will create economic opportunities and jobs for Alaskans,” Governor Parnell said.

The governor transmitted a bill to establish a 20 percent tax credit for qualified research and development conducted by corporate taxpayers in Alaska. This legislation would stimulate private-sector investment, entrepreneurial activity, and business expansion in Alaska that will bring opportunity and sustainable long-term benefits to the state.

Governor Parnell also submitted a bill to enable the Alaska Industrial Development and Export Authority (AIDEA) to invest in projects that promote economic development, including transportation, communications, and intellectual property. The proposed legislation provides greater flexibility for AIDEA to partner with investors in establishing joint investments.

The governor also submitted a bill establishing the Alaska micro-loan revolving fund, the mariculture revolving loan fund, and the commercial charter fisheries revolving loan fund within the Department of Commerce, Community, and Economic Development. This legislation would promote economic development by helping small businesses across the state access critical capital.

Another measure submitted today by the governor would allow AIDEA to issue guarantees and make loans to help finance projects funded through a federal new markets tax credit program. Under this legislation, AIDEA would have the ability to help reduce the financing costs for a project to foster more economic development in Alaska, especially in areas with great need for new investment.

Copies of the bills are available at:

http://gov.alaska.gov/parnell_media/resources_files/2011_taxcredit_aidea.pdf

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