AK HB398

Adds new section AS 43.20.146 to require public utilities to allocate and apportion income under the Multistate Tax Compact provisions in AS 43.19, notwithstanding section 2 of article IV, unless other provisions in AS 43.20.143-43.20.145 apply.

Does not apply to taxpayers filing returns for taxable years commencing before the effective date of the Act.

Directs the Department of Revenue to adopt regulations necessary to implement the Act, with regulations taking effect under the Administrative Procedure Act but not before January 1, 2019.

Section 3 (regulations requirement) takes effect immediately under AS 01.10.070(c).

Act takes effect January 1, 2019, except for the regulations section which is effective immediately.