AK HB399

Limits federal tax credits allowed against Alaska corporate net income tax to 18 percent of the portion of the federal tax credit generated by business expenses incurred through activities conducted in the state.

Repeals the exclusion of royalties accrued or received from foreign corporations for purposes of the corporate net income tax.

Repeals the reduced rate for the alternative tax on capital gains for corporations.

Repeals the exemption from filing a corporate net income tax return for corporations engaged in contracts under the Alaska Stranded Gas Development Act.

Takes effect January 1, 2019 for tax years beginning on or after that date.