Credit for approved contributions. The taxpayer shall apply to the department in the manner provided by the department by regulation, and shall provide to the commissioner all information relating to the contribution that may be required by the department. Upon receipt of a complete application, the department, in consultation with the Department of Community and Economic Development, shall approve or disapprove the application for the credit within 60 days. For purposes of this subsection, a taxpayer is not in arrears if the payment is under administrative or judicial appeal. A contribution allowed as a credit under this section may not be claimed as a credit under another provision of this title.
Fisheries resource landing tax education credit.
The tax collected under this chapter shall be paid into a separate account in the general fund. The annual balance in the account may be appropriated by the legislature for revenue sharing under AS 43.77.060 . For purposes of this section, tax revenue collected under AS 43.77.010 from a person entitled to a credit under AS 43.77.035 or 43.77.045 shall be calculated as if the person's tax had been collected without applying the credits. The department shall adopt regulations to implement and interpret this chapter.