Loading chat...
AK SB186
Bill
Status
Introduced
2/12/2020
Primary Sponsor
William Wielechowski
Click for details
AI Summary
- Imposes a 9.4 percent tax on qualified taxable income exceeding $4,000,000 per tax year for entities producing or transporting oil or gas in Alaska
- Applies to sole proprietorships, partnerships, and entities that have elected to file federal returns under Internal Revenue Code sections 1361-1379, but excludes corporations already paying tax under AS 43.20.011
- Allows the Department of Revenue to aggregate qualified taxable income from two or more entities to prevent income splitting designed to avoid the tax threshold
- "Qualified taxable income" is defined as income from oil or gas production from leases or properties in the state, or from pipeline transportation of oil or gas in the state
- Takes effect July 1, 2020, with regulations effective no earlier than July 1, 2020
Legislative Description
Tax On Income: O&g S-corp, P'ship
Oil & Gas
Last Action
REFERRED TO RESOURCES
2/12/2020
Committee Referrals
Resources2/12/2020
Full Bill Text
No bill text available