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Alaska Incentive Credits Instructions
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Extracted from PDF file 2023-alaska-form-6300i.pdf, last modified February 2024Incentive Credits Instructions
Instructions For Form 6300 2023 Alaska Incentive Credits GENERAL INSTRUCTIONS Purpose of Form Form 6300 orders and limits Alaska incentive credits, based on tax liability. This form is required if such credits are to be claimed on Form 6000, 6100, or 6150. Form 6300 is not required to be filed when creditable activities are reported by a partnership filing Form 6900. Other Related Forms Alaska Incentive Credits To claim Alaska incentive credits on Form 6300, you must also attach specified supplementary credit forms as follows: • • • • Income tax education credit (AS 43.20.014)...........Form 6310 Exploration incentive credit (AS 43.20.044)..............Form 665 Veteran employment tax credit (AS 43.20.048)......Form 6325 Qualified oil and gas service industry expenditure credit (AS 43.20.049)..........................Form 6327 To claim the veteran employment tax credit, you must maintain certain records, including properly completed Form(s). 6326 Certificate of Qualifying Veteran. Do not send in Form 6326 with your tax return. To claim the film production tax credit, you must attach the original tax credit certificate issued by the Department of Revenue (DOR). Credits Originating from a Partnership A corporation may claim Alaska incentive credits generated by a partnership in which the corporation is a partner. The partnership is required to report the partner’s share of any credits on Form 6900, Schedule K-1. In order to claim the credit and offset Alaska income tax, the taxpayer will include the creditable amounts shown on the Schedule K-1 on the applicable line of Form 6300. For example, a corporation will include on Form 6300, line 8 (income tax education credit) its share of the credit shown on Form 6900, Schedule K-1, line 18. Carryforward of Unused Credit Certain credits may be carried forward if the credits cannot be used because of the tax liability limitation, as shown below. Credit Alaska Statute Carryforward Period In-state manufacture of urea, ammonia or gas-to-liquids credit AS 43.20.052 None Qualified oil and gas service industry expenditure credit AS 43.20.049 5 years Qualified in-state refinery expenditures credit AS 43.20.053 5 years Exploration incentive credit AS 43.20.044 15 years Veteran employment tax credit AS 43.20.048 No limit Film production tax credit AS 43.98.030 See Inst. Alt. oil and gas exploration credit AS 43.55.025 No Limit Federal-based Credits You may be eligible to claim certain federal-based credits, based on Alaska’s adoption of the Internal Revenue Code under AS 43.20.021. These credits are claimed on Alaska Form 6390 Federal-based Credits. See Form 6390 and related instructions. Passive activity credit limitations are calculated on an as-if Alaska basis, using Alaska Form 6395 Passive Activity Limitation. Form 6300 is required to be filed to claim credits generated in an earlier year. Form 6300 must be accompanied by a schedule for each credit, showing the amount of credit generated and used, by year. If You Need Help If you have questions, need additional information or require other assistance, see our website at www.tax.alaska.gov, or call: Line 5: Enter the tentative in-state manufacture of urea, ammonia or gas-to-liquids products credit from your attached schedule. Juneau: 907-465-2320 Anchorage: 907-269-6620 Complete Form 6300 to claim any Alaska incentive credit on the corporation’s net income tax return (Form 6000, 6100, or 6150). Form 6300 accounts for all Alaska incentive credits, including the income tax education credit, the film production tax credit, and various other credits. The form also accounts for any refundable credits. The credits are grouped on Form 6300 and then carried to, and claimed on, lines 7 or 12 of the corporation net income tax return (Form 6000, 6100, or 6150). In general, Alaska incentive credits may be used to offset the general Alaska income tax imposed under AS 43.20.011, as well as certain other taxes imposed through Alaska’s adoption of the Internal Revenue Code. SPECIFIC INSTRUCTIONS Line 8: Enter the tentative income tax education credit from Form 6310 line 4. Line 11: Enter the amount of the qualified oil and gas service industry expenditure credit from Form 6327, line 3. Line 12: Enter the amount of qualified oil and gas service industry expenditure credit carried from a previous year. You must attach a schedule showing the credit generated and used, by year, and by company. Line 17: Enter the amount of qualified in-state oil refinery expenditures credit carried from a previous year. This credit must be applied first to tax. Any excess may be either refunded or carried forward for five years. Line 19: Enter the lesser of line 15 or line 18 here and on line 44. This is the amount that will be applied to tax. 0405-6300i Rev 02/14/24 - page 1 Line 20: Subtract line 19 from line 18. This is the amount that may either be claimed as a refund or carried forward. Line 21: Enter the amount of credit requested as a refund. This is subject to legislative appropriation. If the refund is denied, then the excess may be carried forward for five years. The five years is measured from the time the credit was originally generated. Line 23: Enter the amount of exploration incentive credit from Form 665, line 9. Line 25: Enter the amount of veteran employment tax credit generated in the current year from Form 6325, line 5. Line 26: Enter the amount of veteran employment tax credit carried from a previous year. You must attach a schedule showing the credit generated and used, by year, and by company. Line 30: Enter amount from film production tax credit certificate(s) issued by the DOR. You must attach the original certificate(s) to the tax return. Line 31: This is the film production tax credit allowable against current tax. Line 33: Enter the amount of alternative exploration tax credit. You must attach a schedule showing the credit generated and used, by year, and by company. Line 34: This is the alternative exploration tax credit allowable against current tax. Part II: This part summarizes Alaska incentive credits for which you are claiming a refund. Line 38: This line summarizes refundable credits allowable, subject to legislative appropriation. Enter the amount from line 37, then enter the amount on Form 6000, 6100, or 6150, Schedule A, line 12. Line 39: This is the current tax remaining after application of Alaska incentive credits, against which federal-based credits may be allowed. See Form 6390 Federal-based Credits, and related instructions. Part III: This part summarizes Alaska incentive credits allowed in the current year that are not being refunded. Line 49: Enter the total of lines 40–48 on line 49 and on Form 6000, 6100, or 6150, Schedule A, line 7. 0405-6300i Rev 02/14/24 - page 2
Form 6300i
More about the Alaska Form 6300i Corporate Income Tax Tax Credit TY 2023
We last updated the Incentive Credits Instructions in February 2024, so this is the latest version of Form 6300i, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 6300i directly from TaxFormFinder. You can print other Alaska tax forms here.
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TaxFormFinder has an additional 30 Alaska income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 6900i | Partnership Information Return Instructions |
| Form 6000 | Alaska Corporation Net Income Tax Return |
| Form 6000i | Forms 6000 and 6020 (Formerly Forms 611 and 611SF) Alaska Corporation Net Income Tax Return Instructions |
| Form 6240 | Payment Voucher-Corporation Net Income Tax |
| Form 6385 | Tax Attributes Carryovers |
View all 31 Alaska Income Tax Forms
Form Sources:
Alaska usually releases forms for the current tax year between January and April. We last updated Alaska Form 6300i from the Department of Revenue in February 2024.
Form 6300i is an Alaska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Alaska Form 6300i
We have a total of ten past-year versions of Form 6300i in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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