AK HB309

Establishes a 6.5 percent tax on shareholders and members of qualified entities (S-corporations and LLCs filing as S-corps) with taxable net income exceeding $200,000, calculated on their pro rata share of the entity's net income.

Applies the qualified entity tax in addition to any individual income tax, but caps combined taxation at 9.4 percent if both taxes would exceed that rate.

Allows shareholders and members to claim tax credits for state taxes they paid individually and their pro rata share of state taxes paid by the qualified entity, with credits being non-refundable and non-transferable.

Exempts public corporations, fiduciaries, qualified small businesses meeting specific active business requirements, and certain salmon and hatchery-related nonprofit entities from the new tax.

Repeals certain existing corporate tax exemptions and tax credits, and takes effect December 31, 2016.