SCS CSHB 155(L&C) Summary

• Repeals the exploration incentive credit program under AS 38.05.180(i) while preserving the separate exploration incentive credit program under AS 41.09.010 for geophysical work, stratigraphic test wells, and exploratory wells.

• Amends the gambling tax on large passenger vessels by removing federal taxes from the adjusted gross income calculation, keeping only prizes awarded and municipal taxes as deductions from the 33 percent tax rate.

• Removes the cigarette tax stamp discount previously provided as compensation to licensees for affixing stamps to packages and eliminates refund provisions that referenced this discount.

• Repeals provisions allowing investigation expenses under the Alaska Small Loans Act to substitute for fees under the Alaska Business License Act.

• Most provisions take effect July 1, 2016, except the gambling tax amendment which takes effect January 1, 2017; allows credits issued under the repealed exploration incentive program before the effective date to remain valid during the period established by the commissioner.