Bill > SB175

This bill establishes a temporary net corporate income tax exemption for corporations primarily operating in Port MacKenzie, a location in Alaska. Specifically, the bill amends AS 43.20.012 to add a new subsection that provides a complete tax exemption from state corporate income taxes for businesses primarily operating in this area. The tax exemption is designed to be immediately effective upon passage, but interestingly, the provision will be automatically repealed on July 1, 2035, effectively making this a time-limited tax incentive. The purpose appears to be to attract and support business development in the Port MacKenzie area by offering a significant financial benefit through a corporate income tax exemption. The bill's structure suggests it is intended to provide a long-term but not permanent tax advantage to encourage economic activity in this specific geographic region.

Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB175