AK HB119

Establishes mandatory exemption from municipal property taxes for certain assets of the Alaska Industrial Development and Export Authority and modifies tax treatment of leasehold interests in shipyards and port facilities owned by the authority.

Extends the expiration date for the Alaska Industrial Development and Export Authority to issue bonds for liquefied natural gas production and distribution systems from June 30, 2018 to June 30, 2023.

Defines key terms for the Alaska Industrial Development and Export Authority including "mark-to-market fair value," "net income," "unrestricted net income," and "project or development" for dividend and accounting purposes.

Authorizes Alaska Railroad Corporation to transfer or exchange multiple parcels of rail land to Eklutna Inc., Municipality of Anchorage, Usibelli Coal Mine Inc., Alaska Tourism Development LLC, NeighborWorks Alaska, and two Anchorage limited liability companies; total acreage transferred includes approximately 20.2 to 464.57 acres per recipient.

Requires Alaska Railroad Corporation to submit annual reports to legislature on land transfer activities from 2019-2021; makes Section 1 retroactive to November 30, 2017 and Section 2 effective November 30, 2027.