An Act establishing an income tax on certain entities in the state; and providing for an effective date.

Summary

The bill adds a new income tax that applies to sole proprietorships, partnerships, LLCs, and entities electing C‑corporation status when their taxable income exceeds $25 million in a year. The tax is 9.4% on the amount above that threshold and is calculated as if the entity were a C corporation under the federal code as of Jan. 1, 2026. It excludes corporations already taxed under existing Alaska statutes and certain unitary businesses.

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