Section 15.77.060. Claim and revocation of credits.

	(a)  A person that is entitled to claim a credit under AS 43.77.040 and this chapter shall take the credit on the tax return for the year that the contribution was made. The credit is a direct reduction of the tax liability for that tax year.  
	(b)  Within the limitations period applicable by statute to the tax year, the department will, deny or revoke at any time a tax credit authorized by AS 43.77.040 and recover by assessment a tax credit authorized by AS 43.77.040 that was claimed on a tax return, if it is later determined by the department that:  
		(1) the contribution does not qualify or there has been a violation of AS 43.77.040; or this chapter; or  
		(2) the person claiming the credit is in arrears in the payment of a tax levied under AS 43; for purposes of this paragraph, the tax includes penalties and interest and the tax is not in arrears, if the tax has been timely appealed and is not subject to collection under AS 43.  
	(c)  A tax credit that properly has been denied or revoked under (b) of this section will not be reinstated.  

Authorities

43.77.040;43.77.070;43.77.200

Notes

Authority

AS 43.77.040 AS 43.77.070 AS 43.77.200

History

Eff. 4/20/94, Register 130